LOC02:52
23:52 GMT
RABAT, April 8 (KUNA) -- Morocco decided on Wednesday to draw on a Precautionary and Liquidity Line (PLL) for an amount equivalent to nearly USD 3 billion to fight novel coronavirus (covid-19, announced Bank Al-Maghrib (BAM).
The International Monetary Fund (IMF) line is repayable over five years with a grace period of three years,), Bank Al-Maghrib (BAM) said in a statement.
"As part of our country's policy of proactive response to the crisis of the Covid-19 pandemic, Morocco drew on April 7, 2020 on the PLL for an amount equivalent to nearly USD three, repayable over five years, with a grace period of three years," said BAM in a statement, carried by the kingdom's official news agency.
The PLL agreement was concluded with the International Monetary Fund (IMF) in 2012 and renewed for the third time in December 2018, for a couple years, to help the kingdom respond to extreme shocks, it added.
The line will be mainly used to finance the balance of payments and will not impact the public debt, it pointed out. (end)
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