Morocco's King Launches 'Green Generation 2020-2030'

King Mohammed VI. Photo credit: MAP
King Mohammed VI. Photo credit: MAP
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Morocco's King Launches 'Green Generation 2020-2030'

King Mohammed VI. Photo credit: MAP
King Mohammed VI. Photo credit: MAP

Morocco's King Mohammed VI has led a ceremony to launch the new development strategy for the agricultural sector dubbed “Green Generation 2020-2030” in the province of Chtouka Ait Baha.

The strategy seeks to push 400,000 households to the middle class by encouraging young people to invest in one million hectares of arable lands and the creation of 350,000 jobs, Minister of Agriculture, Fisheries, Rural Development, Waters, and Forests Aziz Akhannouch said.

The plan aims to increase agricultural exports to MAD60 billion (USD6.4 billion) and the agriculture Gross Domestic Product (GDP) to MAD250 billion (USD26.5 billion) by 2030.

The new program involves improvement in the distribution process of agricultural products through the modernization of 12 wholesale and traditional markets, said Akhannouch.

A strategy on protecting forests was also launched at the same event on Friday.

Akhannouch affirmed that Moroccan forests were at stake because of the loss of 17,000 hectares of tree cover every year.

This new strategy aims to make forests a space for development. It plans by 2030, to replant 133,000 hectares of forests and to create 27,500 additional jobs, in addition to improving the revenues of ecotourism to reach an annual market value of MAD5 billion (USD532 million).

King Mohammed VI also launched the construction works of the irrigation network at Agadir’s seawater desalination station. The construction of the station is currently 65 percent complete. The unit will initially produce 275,000 cubic meters of drinking water per day, while the rest will be for irrigation.

Besides the two national strategies, the King launched a project to plant 100 hectares of argan trees in the commune of Imi Mgrouren for a budget of MAD1.8 million. The program, costing around MAD28 million (USD 3 million), will benefit 729 people from seven communes of the region.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.