Morocco lifts foreign-debt ceiling to borrow more to cushion COVID-19 impact

Source: Xinhua| 2020-04-07 05:49:57|Editor: huaxia

RABAT, April 6 (Xinhua) -- The Moroccan government on Monday lifted the country's 3-billion-US-dollar ceiling on external loans in order to borrow more over COVID-19 concerns.

The decision was approved by the cabinet in its meeting, according to a statement by the government spokesman Saad Eddine El Othmani.

This measure will allow the North African country to benefit from additional loans from international institutions such as the World Bank and the African Development Bank.

It will also help the government offset an expected sharp drop in the international reserves, which amounted to 24.5 billion dollars by March 27.

The additional funding will help better respond to the COVID-19 crisis and mitigate its impact on the most affected economic sectors, the statement said.

Morocco has so far reported 1,120 confirmed cases of COVID-19, including 80 deaths and 81 recoveries.