Morocco's first Sukuk being backed by the Islamic Development Bank

The Islamic Development Bank has proposed to buy Marocco's sukuk rather than offering the country another loan, according to General Affairs minister Mohamed Najib Boulif. However, the amount has not been set yet. Earlier this year, the Morocco agreed a $2.4 billion package with the IDB, under which it will receive $600 million each year from 2013 to 2016. It also raised $750 million last month in a two-part reopening of its $1.5 billion bond. The North African country is considering other financial reforms, such as that of the pension and tax systems. It will also deregulate prices for some basic goods in the next two weeks, its first step towards reducing subsidies. However, the timing has not been decided.