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The IMF tied Morocco's $6.2bln precautionary loan line (coming directly from the IMF) to its energy dependence. This solar project is being hurried up so the lo
by jjoe 11y ago
The IMF tied Morocco's $6.2bln precautionary loan line (coming directly from the IMF) to its energy dependence. This solar project is being hurried up so the loan can be unlocked. All of this is in a timetable from 2012.
- IkmoIkmo 11y agoDo you have any sources? As far as I know, this project is funded by the Germans, French, African Development Bank, EU and World Bank, without any funding from the IMF necessary, nor is there an IMF loan to be unlocked by this project. The loan you describe is separate, as you say, a precautionary loan as a safeguard for oil price increases, indeed granted in 2012. Of course the opposite has happened, the price of oil dropped very sharply and so it makes no sense for the IMF loan to have been put into use on these grounds. Which is why it hasn't been, the $6.2b line of credit with the IMF expired in August 2014, without having been used at all. In July of that year, a new similar (this time, $5b) loan was negotiated, again precautionary as an insurance policy, and that, too, hasn't been used yet and that too isn't tied to any solar project. So I still don't see where you get the fact they're either 1) building this project with IMF money or 2) unlocking an IMF loan with this project, the facts suggest the IMF loan is unrelated, precautionary, not-used and the one you refer to specifically even expired already, how it could be unlocked after it expired is beyond me but you seem adamant. There's no IMF scheme here. Does the IMF have a relationship with Morocco? Absolutely, but it's not part of this project as far as I know, not indirectly either.
- pdeuchler 11y ago>> "Germans, French, African Development Bank, EU and World Bank, without any funding from the IMF necessary" a rose by any other name...