International Monterey Fund to grant Morocco $1.3 bln loan

The International Monetary Fund (IMF) will grant Morocco a $1.3 billion loan, following the September 8 earthquake that killed thousands in the North African country, Morocco’s state media reported on Tuesday.

IMF Managing Director Kristalina Georgieva said that the loan will still need to be approved by the IMF board during its annual meetings in the Moroccan city of Marrakech, which will be held on October 9-15.