Morocco banked on 28.18 billion dirhams of external funds in 2020 to mitigate the costly effects of Covid-19, a rate that is a whopping 70 percent higher than outside funds acquired in 2019.
79% of the funds were in the form of loans, the rest was grants that the Budget Directorate of the Ministry of Economy said in its report were part of a large mobilization of international donors to support Morocco in combating the pandemic.
At the top of lenders stood the World Bank with a share of 44 percent, followed by the European Union with 18 percent, and the German Development Bank with a share of about 14 percent.
The list of lenders also includes the African Development Bank, the Japan International Cooperation Agency, the French Development Agency, and the Islamic Development Bank.
According to the data included in the report, the volume of withdrawals that took place in 2020 amounted to nearly 15 billion dirhams, double the 2019 figure.
Priority was given to increasing the supply of health infrastructure. While on the social and economic fronts, external financing helped support a set of measures adopted by the government to help companies and families, protect the economy from external shocks, and maintain external balances.
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