The Arab Monetary Fund (AMF) has granted a new loan to Morocco, amounting to about USD 277 million (about MAD 2.8 billion), as part of a structural adjustment program in the banking and financial sector.
The agreement for this loan was signed on March 17, 2023, by Nadia Fettah, Minister of Economy and Finance, and Dr. Abdulrahman A. Al Hamidy, Chairman of the Board and Chief Executive Officer of the AMF, the Fund said in a statement, adding that the objective is to support a reform program aimed at strengthening the efficiency of the banking and financial sector in Morocco.
The Minister of Economy and Finance “expressed her gratitude for the support that the AMF provides to its member countries and for the important role it plays in strengthening the capacity of these countries to maintain economic stability and face various challenges,” the same source continued.
In turn, the Managing Director of the Fund “congratulated the Kingdom of Morocco for its success in implementing economic adjustment programs contributing to improving the rating prospects by international credit agencies.
The official also stressed “the willingness of the AMF to continue the fruitful partnership with the Moroccan government, providing the most effective means to address the various challenges.”
The reform program supported by the above-mentioned loan includes several components including strengthening the control and supervision system of the banking and financial sector, promoting sustainable financing and financial inclusion, developing financial innovation and strengthening the legal framework governing the capital market, concluded the statement.
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