IMF’s Support for Climate Resilience
The International Monetary Fund (IMF) has sanctioned a $1.32 billion, 18-month loan from its new Resilience and Sustainability Facility to enhance Morocco’s capacity to deal with climate-related crises. This funding was requested by Morocco prior to a recent devastating earthquake in the High Atlas Mountains.
Aim of the Loan
The IMF stated that this arrangement will assist Morocco in addressing climate vulnerabilities, fortifying its resilience against climate change impacts, and embracing opportunities arising from decarbonization efforts. The funds will also assist Moroccan authorities in improving preparedness for natural catastrophes and encouraging financing for sustainable development.
This approval comes just before Morocco hosts the annual IMF and World Bank meetings in Marrakech, scheduled from Oct. 9-15. The IMF Director highlighted this financial support, emphasizing its significance in the context of climate resilience and sustainability.
Joint Annual Meetings
Despite recent events presenting challenges, the IMF and World Bank have opted to proceed with their joint annual meetings in Marrakech, ensuring that they do not disrupt relief and reconstruction efforts. These meetings carry great importance for the global economy and IMF members, especially given their occurrence in Africa after a span of 50 years.
The IMF spokesperson expressed confidence that the Marrakech meetings will exhibit the resilience and strength of Morocco and its people. Additionally, IMF Director Kristalina Georgieva will deliver a significant speech ahead of the meetings, setting the stage for critical discussions on climate resilience and sustainability.