The Arab Monetary Fund to provide a loan of $211 million to Morocco

The Arab Monetary Fund (AMF), a regional Arab organization, has announced that it is providing a loan of $211 million to Morocco to help the country manage the coronavirus crisis, the British news agency wrote on Friday.

According to Reuters, which quotes the United Arab Emirates’ state news agency WAM, Tunisia will also benefit from a loan. The Arab Monetary Fund has agreed to provide teh North African country with a $98 million loan.

AMF’s loans to Morocco and Tunisia are expected to help them revive the tourism industry, which has been hit hard by the health crisis, with travel bans and the suspension of international flights.

Two weeks ago, AMF announced in a press release that it had extended a USD 127 million Automatic Loan to Morocco.

The loan is part of an agreement signed on May 7, by Economy and Finance Minister Mohamed Benchaaboun and the director general chairman of the board of executive directors of the AMF Abdulrahman A. Al Hamidy.

The agreement is meant to «provide financial support to strengthen the Kingdom’s financial position and meet emergency needs» and help it overcome the «challenges it faces due to the current circumstances».

For the record, AMF is a working sub-organization of the Arab League. It was founded 1976, and has been operational since 1977.