US Treasury Secretary Yellen Pledges Support for Morocco’s Earthquake Recovery Efforts
US Treasury Secretary Janet Yellen has promised assistance to Morocco in its efforts to recover from a devastating earthquake. Yellen, along with the International Monetary Fund (IMF) and the World Bank, expressed their support for the country’s resilience during their annual meetings in Marrakech.
In a press conference, Yellen stated, “We are ready to provide any necessary help as you embark on the rebuilding process.” Although she did not specify the type of assistance, Yellen confirmed that it would be discussed during the IMF and World Bank meetings in Marrakech.
Morocco’s ability to host such significant international gatherings amidst the challenges it has faced is commendable. Yellen acknowledged this, saying, “In the face of adversity, Morocco has shown remarkable resilience.”
Education and Rebuilding Efforts
During her visit to Marrakech, Yellen visited Bin Youssef high school, which has accommodated students displaced by the earthquake. She praised the school’s efforts and emphasized the importance of education in Morocco.
The earthquake, which registered a magnitude of 6.8, caused substantial damage, claiming the lives of over 2,900 people and affecting 2,930 villages with a total population of 2.8 million. Approximately 60,000 homes were damaged, with over 30% completely destroyed.
Yellen expressed her sympathy, stating, “The suffering endured by Morocco will be at the forefront of our discussions as we explore ways for international institutions to provide assistance to Morocco and other countries affected by similar catastrophes.” As the US holds the largest share in both the IMF and World Bank, Yellen wields significant influence in these discussions.
Financial Support from the IMF
The IMF recently approved a $1.3 billion loan for Morocco from its Resilience and Sustainability Trust, specifically aimed at helping the country cope with climate disasters and enhance resilience. Although this program is unrelated to the earthquake, Morocco also has a $5 billion flexible credit line with the IMF that it can access if needed.
As Morocco endeavors to rebuild in the aftermath of the earthquake, it can count on support from the US Treasury, the IMF, and the World Bank. The meetings in Marrakech serve as a platform to discuss and coordinate efforts to aid Morocco and other nations facing similar challenges.
