IMF approves $1.3 billion for Morocco

By Ovunc Kutlu

ISTANBUL (AA) - The International Monetary Fund (IMF) said its executive board approved $1.3 billion for Morocco under the resilience and sustainability facility arrangement.

The arrangement will help Morocco address climate vulnerabilities, increase its resilience against climate change, and achieve decarbonization, in addition to financing for sustainable development, the IMF said Thursday in a statement.

It also aims to support Morocco's transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, it added.

Communications Director Julie Kozack said Thursday in a press briefing that the IMF and the World Bank have closely worked with the authorities in Morocco to assess the situation since the earthquake on Sept. 8.

"We're working very intensively with the authorities on ensuring that we're fully prepared for Morocco and also any adjustments that we find to be appropriate," she told.