COVID-19 Crisis: Morocco Asks IMF to Set Up Initiatives for Middle-Income Countries


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Rabat – During a virtual meeting week with Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), and the Governor of Morocco’s Central Bank Abdellatif Jouahri, Morocco’s Minister of Economy Mohamed Benchaaboun urged the financial institution to intensify its actions and projects aimed at assisting middle-income countries. 

As they navigate the consequences of the COVID-19 crisis, Benchaaboun argued, middle-income countries, including Morocco would considerably benefit from initiatives specifically set up to facilitate their post-pandemic economic recovery .

For her part, Georgieva  commended the progress Morocco is making with its national vaccination campaign against COVID-9.

The IM official also congratulated Morocco for the anticipatory strategy to litigate the efforts of the health crisis and economic recovery.

She also renewed the IMF’s commitment to support developing countries in their efforts to speed up economic recovery as well as strengthen their resilience amid the COVID-19 pandemic and future crisis.

She called on Morocco to continue its reform programs and to take advantage of new opportunities that emerge in the areas of climate and digitization.

The IMF is a traditional partner for Morocco, and the financial institution’s loans contributed to the success of Morocco’s “proactive” response in curbing the socio-economic impacts of the COVID-19 crisis. 

The country was among the first to launch a nation-wide vaccination campaign.

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King Mohammed VI launched the campaign on January 28, and 4, 655,007 have since been vaccinated.

Nearly 4,186, 449 people have received the second dose of the vaccine.

Since recording its fist COVID-19 case March 2020, Morocco has confirmed in total 505,811 COVID-19 cases, including 8,945 deaths and 491,810 recoveries.

Benchaaboun, the economy minister, noted that Morocco’s special COVID-19 fund, which King Mohammed VI launched following the outbreak of the pandemic, was instrumental in mitigating the economic crisis.

The monarch launched the fund with an initial budget of $1 billion, which turned to over MAD 33 billion ($3.69 billion) after government and private institutions contributed to the royal grant.

Benchaaboun thanked the IMF for its continuous support and contribution to Morocco’s development reforms.