The Central Bank of Morocco said in a statement yesterday, Wednesday, that the loan is repayable over a period of 5 years with a grace period of 3 years.
The loan falls under the agreement relating to the prevention and liquidity line concluded with the Fund in 2012 and which was renewed for the third time in December 2018 for a period of two years with the aim of using it as an insurance against severe shocks such as those Caused by the pandemic (Corona).
The bank emphasized that the unprecedented size of the Corona pandemic threatens economic recession, which will negatively affect the national economy, especially at the level of sectors and activities directed abroad, especially exports of new occupations to Morocco and returns Tourism, remittances from Moroccans residing abroad and foreign direct investment.
The statement stated that withdrawing from the line of prevention and liquidity will help in mitigating the effects of this crisis on the Moroccan economy and maintaining the country's foreign reserves in comfortable levels that could enhance confidence Foreign investors and bilateral and multilateral partners in the national economy.
Yesterday, the Moroccan Ministry of Health announced the registration of 91 new cases of the emerging coronavirus (Covid 19) during the last 24 hours, bringing the total number of cases to 1275 cases .
