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Company News

Morocco plans $624 mln aid package for RAM airlines

RABAT, July 13 (Reuters) - The Moroccan government plans a package of 6 billion dirhams ($624 million) in aid to state carrier Royal Air Maroc (RAM) to help it get through the pandemic crisis, Finance Minister Mohamed Benchaaboun said on Monday.

The aid, part of a reviewed 2020 budget, includes a state-guaranteed loan of 2.5 billion dirhams, a finance ministry source told Reuters without giving further details.

RAM has struggled with $5 million in daily losses caused by the pandemic and said recently it will cancel some routes between destinations, cut jobs and reduce fleet.

Reporting by Ahmed Eljechtimi; Editing by Lisa Shumaker

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