Morocco gets $500m in aid
2008-05-06 07:43
Rabat - Saudi Arabia has decided to grant Morocco $500m to mitigate the effects of rising energy prices, Morocco's Foreign Ministry announced on Monday.
The Saudi decision was in response to a recent request from Morocco's King Mohammed VI to Saudi King Abdullah, said a statement.
Morocco imports nearly all its oil at a cost of more than $2.5bn a year.
But by the end of the first quarter of 2008, Moroccan crude oil imports had cost 8.14bn dirhams, 68.9% higher than the same period in 2007, according to official figures.
The soaring bills are a direct result of the rising price of oil on the international markets.