RABAT, June 23 (Xinhua) -- The World Bank on Monday approved a loan of 500 million U.S. dollars to support key policy reforms in Morocco, official news agency MAP reported on Tuesday.
The loan seeks to improve financial inclusion and access to more competitive digital infrastructure and services for businesses and individuals in the country, the report said.
The loan will also support the Moroccan government's efforts to digitalize key services for individuals and businesses and strengthen the resilience of households and firms, it added.
According to the central bank's periodical report last week, the North African country's economy is expected to contract by 5.2 percent in 2020, which will be the worst economic performance since 1996.
Government debts will soar to 75.3 percent of GDP in 2020 from 65 percent in 2019 because of the huge financial needs of the public treasury, the report noted. Enditem