Morocco continues to qualify for credit line - IMF

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Morocco continues to meet the criteria for a precautionary credit line, approved last year under a two year agreement for US$6.2bn, the International Monetary Fund (IMF) said. 

The arrangement provides "useful insurance against exogenous shocks" for the North African country and welcomed its authorities’ intention to continue to treat the PLL (Precautionary and Liquidity Line) as precautionary, directors from the Washington-based organisation said in a report released on Tuesday.

The PLL was introduced in 2011, when protests swept across the Arab world toppling four leaders. The aim of facility is to provide liquidity to countries pursuing sound economic policies which may be adversely affected by economic and financial stress at regional or global levels.

The IMF urged the government to step up efforts to "foster higher and more inclusive growth, including by boosting youth employment and reducing inequalities in income and in access to health care and education." It also called on the government to press on with reforms of its subsidy and pension systems.

The organization's directors emphasized the importance of continued structural reforms by the government to increase the competitiveness and diversify and the export base of the country. The organisation said small and medium-sized enterprises were crucial to accelerate private sector-led growth and welcomed measures to improve the business climate.

The IMF said "the outlook hinges on the timely and sustained implementation of the reform agenda".

The North African country's economy is projected to expand 4.5 percent this year after slowing to 3.2 percent in 2012 from 5 percent the previous year. Inflation is forecast to increase to 2.5 percent this year from 2.3 percent in 2012.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

1
Concerned for stability, Saudi Arabia tightens curbs on dissent

Concerned for stability, Saudi Arabia tightens curbs on dissent

Gulf kingdom intensifies crackdown on domestic dissent, raising...

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Frustrated Kuwaitis ask, why is Kuwait falling behind?

Citizens wonder why oil producer Kuwait is not as dynamic a hub...

4
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams