IMF’s $1.3bn Boost for Quake-Hit Morocco: A Step Toward Resilience, amp; Green Transition

Published 29th September 2023

In the wake of the tragic earthquake that claimed nearly 3,000 lives in the High Atlas mountains earlier this month, the International Monetary Fund (IMF) has sanctioned a loan of $1.3bn (£1bn) to Morocco. This financial aid aims to bolster the country’s defenses against natural calamities and sharpen its focus on environmental resilience.

While the tremor on 8th September drew criticism towards the Moroccan government, with many locals deeming its response tardy and haphazard, the IMF’s loan stands as a beacon of hope. Announced on Thursday, this 18-month arrangement is specifically designed to assist Morocco in addressing its “climate vulnerabilities”, fortifying “resilience against climate change”, and capitalizing on the “opportunities from decarbonisation”, marking a decisive shift towards a more sustainable future.