Morocco continues its borrowing policy and owes $ 400 million from the World Bank

December 4, 2020 - 18:25

Moroccan Republic News and Magazine

The King Predator of Morocco offers himself a private mansion in Paris when his country is in crisis amid the Coronavirus pandemic.

The Moroccan Authoritarian has just acquired a sumptuous mansion in the heart of Paris. The act indicates that the sale took place the day before his Speech from the Throne, in which he spoke of the efforts that will have to be made to get Moroccans out of this situation of economic crisis, accentuated by the health crisis experienced in recent months. The bought this palace of € 80 million.

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From inside the Paris palace of the King Predator Mohamed VI

The revealed information, causing indignation in Morocco. King Predator Mohammed VI has become the proud owner of a private mansion located at 20, avenue Emile-Deschanel, in the 7th arrondissement of Paris. If the information shocks the population so much, it is because of the awkward timing for such a purchase. The Autocrat King did not hesitate to spend 80 million euros to acquire this property, on July 28, in all discretion. On July 29, in his Dictatorship Speech from the Throne, the sovereign explained that he was aware that the coronavirus crisis “deeply affects the income of families” and he asked “each citizen to observe exemplary and responsible civic behavior”.

On Friday, the World Bank announced a new loan of $ 400 million to Morocco to help poor families cope with the fallout from the Corona pandemic.

In a statement, the bank said the loan will be allocated to support a government social assistance program, through a special fund launched by the Moroccan government to provide cash assistance to poor families affected and those affected by the pandemic.

The country’s unemployment rate is expected to rise to 14.8% in 2020, from 9.2% before the pandemic, according to the planning agency, the country’s public debt has seen a remarkable increase this year due to the impact of Corona.

Previously, the central bank forecast an increase in public debt to 76.1% of the country’s GDP, up from 65% in 2019, the latest forecast from the International Monetary Fund, released in October, indicated that the Moroccan economy is expected to contract by 7% in 2020, the project will also finance social assistance to the poor, while building the capacities of those who need it most to overcome crises.

This financial support covers both emergency cash transfers provided by the Corona Pandemic Management Fund in Morocco, as well as transfers that are channeled through existing social protection programs.

The World Bank indicated that “the project fully supports the efforts and ambitions of the autocratic Moroccan government to strengthen its social protection system by contributing to the implementation of the family allowance program, and the improvement of governance systems. , digital infrastructures and coordination between aid programs.”

The World Bank grants Morocco $ 400 million loan to support social protection program.

The World Bank wallpaper

The Board of Directors of the World Bank has agreed to grant Morocco a retroactive loan of up to $ 400 million to support the social protection system of the kingdom of the dictatorship.

The World Bank said in a statement: “The Covid-19 epidemic disproportionately affects the poorest segments of Moroccan society and the livelihoods of thousands of families, as it is estimated to have affected around 712 000 employees in the formal sector and 4 million in the informal sector.

“Morocco, which has reacted quickly and decisively to help the most vulnerable in the face of the Covid-19 epidemic, is now accelerating its reforms to strengthen the social protection system, an initiative that the World Bank is proud to support “, he added.

He explained that this project supports the country in its plans to build an effective, vital and broad-based social protection system that especially supports the vulnerable population.

He said the program covers both emergency cash transfers that have been provided through the Corona Pandemic Management Fund in Morocco, as well as transfers that are led by current social protection programs.

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