WASHINGTON, 30th September, 2023 (WAM) - The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) for Morocco in the amount of about US$1.3 billion.

The arrangement will support Morocco's transition to a greener economy and help strengthen its preparedness and resilience against natural disasters, including from climate change, the Washington-based institution pointed out in a release.

The 18-months arrangement "will help Morocco address climate vulnerabilities, bolster its resilience against climate change, and seize the opportunities from decarbonization", the financial institution underlined.

"It would also help the Moroccan authorities strengthen preparedness for natural catastrophes and stimulate financing for sustainable development", it said.

"The IMF concluded a staff-level agreement with Morocco to provide $1.3 billion in financing over the long term" so that the Kingdom can build more strength to face disasters in the future that may take place because of the climate crisis, the IMF Managing Director, Kristalina Georgieva, told the Moroccan news agency.

The IMF chief noted that climate change is among the main challenges facing the international community.