IMF says board to consider Morocco’s request for RST funds on Thursday


Washington (Reuters) – The International Monetary Fund’s board will consider Morocco’s request for additional funding under its new Resilience and Sustainability Trust on Thursday, fund spokesperson Julie Kozack said.

IMF Director Kristalina Georgieva told Reuters earlier this month that the IMF had reached a staff-level agreement with Morocco to provide a $1.3 billion loan to bolster the country’s resilience to climate-related disasters from the RST.

Kozack also said a key consideration in the decision to proceed with the IMF-World Bank annual meetings in Marrakech from Oct. 9-15 was ensuring that the events did not disrupt vital relief and reconstruction efforts after a Sept. 8 earthquake struck in the High Atlas Mountains, killing more than 2,900 people.

She told reporters at a regular briefing that the meetings would be adapted to the circumstances, but gave no details, saying the schedule was still being finalized.

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Kozack said the meetings in Marrakech had been in preparation for five years, having been postponed twice due to the COVID-19 pandemic, and came at a consequential time for the global economy and IMF members.

“I’m confident that these meetings will showcase the strength of Morocco, the Moroccan people and the Moroccan authorities,” she said. “This is the first time in 50 years that the annual meeting will be held on the African continent.”

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She said they would offer a good opportunity for global leaders to discuss the wide range of challenges they faced, many of which particularly affected low-income and vulnerable countries.

Georgieva will hold a “curtainraiser” speech in Abidjan, Ivory Coast on Oct. 5 to set the stage for the meetings, Kozack said.

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