HomeEconomyMorocco's Commitments to the IMF and Investment

Morocco’s Commitments to the IMF and Investment

The Moroccan authorities made a set of commitments to the International Monetary Fund (IMF) in exchange for its request for a flexible line of credit worth $5 billion. A windfall to be used as a preventive guarantee line in case the country faces a crisis in the future.

Through this line, Morocco seeks to strengthen the confidence of partners and investors, and to contribute to macroeconomic stability by ensuring the availability of financial resources in the event of external and internal shocks that would put pressure on the balance of payments. According to a document published by the IMF as part of the report of the special mission to Morocco, the Moroccan authorities have affirmed their commitment to continue the implementation of the reform of the exchange rate regime and the development of the targeting framework of the inflation.

Morocco began years ago to reform the exchange rate system, with the dirham moving in a range of up to 5% from top to bottom, and it was supposed to move to a new stage, but the context of inflation and the global economic crisis delayed the maturity.

In the same document, the Moroccan authorities indicated that the transition to the second phase of the reform depends on the easing of inflationary pressures and the removal of doubts about the economic outlook. On the issue of strengthening financial stability, it was mentioned that Bank Al-Maghrib would continue to strengthen prudential regulatory and supervisory frameworks, by carrying out stress tests and examining the effects of climate change on the Moroccan financial system.

As indicated in the commitments of the Moroccan authorities, the restoration of financial margins which it considered to be at the heart of its political agenda, through the improvement of public expenditure, the implementation of the framework law relating to tax reform and the use of innovative financing mechanisms such as the involvement of the private sector.

Morocco’s commitments also included social reforms by generalizing social protection through the reform of the subsidy system and the implementation of the unified social register to improve the targeting of those eligible for assistance. Morocco has also undertaken to liberalize the electricity sector in the direction of the development of this market, making it more competitive and moving rapidly towards renewable energies.

The Minister of Economy and Finance, Nadia Fettah Alaoui, had indicated during a meeting held with the Director General of Operations at the World Bank, Axel Van Trotsenburg, and the Vice-President for the MENA region in the World Bank (WB), Farid Belhaj, that the excellent cooperation with the World Bank focused on several structuring areas aimed at promoting Morocco’s economic growth.

She highlighted the major reform projects underway by the Kingdom, in particular those launched to accelerate economic and human development, private sector development and climate transition. In this context, she underlined the importance of the WB’s constant financial and technical support for Morocco’s development efforts, reflected by the quality of the reform and investment programs supported by this institution.



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