Morocco receives 300 mln USD from World Bank

The World Bank on Tuesday granted Morocco a loan of 300 million US dollars to support a program aimed at fighting poverty, the Moroccan government announced. The loan will support the second part of the North African country's national initiative for human development. This initiative was launched in 2005 with the objective of "ensuring a better distribution of the fruits of growth and improving the living conditions of citizens." Morocco's economy suffers serious problems since 2011, hit by the economic slump in Europe, a major trading partner and source of tourism revenues as well as workers' remittances. The International Monetary Fund approved 6.2 billion dollars two-year precautionary line of credit for Morocco in August, in case its economy deteriorates and it faces sudden financing needs.