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MENAFN - 25/09/2012

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(MENAFN) The Arab Monetary Fund (AMF) announced that it was preparing a USD127 million loan for Morocco to handle critical economic conditions, reported Arabian Business.

The AMF said that the loan, which would raise the Fund's total lending to Morocco to USD1.46 billion so far, would be used to help Morocco tackle the rising value of imported agricultural products.

As part of its plans to slash subsidies on food and energy products and lessen the burden on state finances, in June, the Moroccan government announced one of the sharpest increases in fuel prices in several years.

It is worth noting that last month, the International Monetary Fund (IMF) endorsed a USD6.2 billion, 2-year precautionary line of credit for the North African country for fear that its economy deteriorates and faces unexpected financing needs.

 






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