IMF agrees on $1.3bln sustainability fund to Morocco

The Executive Board of the International Monetary Fund (IMF) approved on Thursday an 18-month arrangement for Morocco under the Resilience and Sustainability Facility (RSF) of $1.32 billion.

The RSF arrangement will help Morocco in facing its climate vulnerabilities, as well as enhance its resilience against climate change, according to a statement. The facility will also contribute in halting decarbonisation.

“The RSF will help Morocco boost investment in renewable energy, increase energy efficiency, strengthen resilience against natural disasters, green its financial sector, and tackle water scarcity,” Kenji Okamura, deputy managing director said.

It will also help the Moroccan authorities in strengthening alertness to natural disasters and revive financing for sustainable development, the statement added.

The arrangement coincides with the remaining 18 months under the Flexible Credit Line (FCL) arrangement approved in April.