Washington- The International Monetary Fund (IMF) said on Monday it will provide Morocco a $5 billion credit line to help the North African country pursue a reform agenda to achieve rapid and more inclusive economic growth.
The PLL arrangement will allow the authorities to pursue their home-grown reform agenda aimed at achieving rapid and more inclusive economic growth while providing them with useful insurance against external shocks, the Washington-based IMF said in a statement.
"Morocco's sound economic fundamentals and overall strong record of policy implementation have contributed to a solid macroeconomic performance in recent years”, Mr. Noayuki Shinohara, IMF Deputy Managing Director and Acting Chairman of the Board, said in a statement following the Executive Board discussion on Morocco.
“Despite a difficult external environment, the authorities made important strides in reducing vulnerabilities, rebuilding policy space and addressing medium-term challenges over the course of the first arrangement supported by a PLL”, he underlined.
For M. Shinohara, the Moroccan authorities “have been consolidating Morocco's fiscal position while pursuing an agenda of structural reforms to address vulnerabilities, strengthen competitiveness, and promote higher and more inclusive growth. The significant progress made in reforming the subsidy system is particularly commendable.”