The International Monetary Fund's executive board on Thursday approved a $1.3 billion loan for Morocco from its new Resilience and Sustainability Trust to bolster the country's resilience to climate-related disasters, sources familiar with the decision said.
Morocco had requested funds from the new trust, which was created by the IMF in 2022, well before the devastating Sept. 8 earthquake that struck in the High Atlas Mountains, killing more than 2,900 people.
The board's approval comes just weeks before Morocco hosts the annual meetings of the IMF and the World Bank in Marrakech.
