IMF Staff Country Reports

Morocco: Request for an Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco

April 11, 2025

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International Monetary Fund. Middle East and Central Asia Dept. "Morocco: Request for an Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco", IMF Staff Country Reports 2025, 094 (2025), accessed October 27, 2025, https://doi.org/10.5089/9798229006743.002

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Summary

This paper presents Morocco’s Request for an Arrangement under the Flexible Credit Line (FCL) and Cancellation of the Current Arrangement. The Moroccan economy has shown sustained track record of implementing very strong policies and remarkable resilience to recent shocks, although a succession of droughts has severely curtailed agricultural production and pushed unemployment to historical highs. Morocco qualifies for the FCL by virtue of its very strong institutional policy frameworks and economic fundamentals, its track record of implementing very strong policies, and its continued commitment to maintaining such policies in the future. In a highly uncertain environment, the arrangement will enhance Morocco’s external buffers and provide insurance against downside risks. The authorities intend to treat the new arrangement as precautionary. The authorities are committed to treating the new FCL arrangement as precautionary and gradually reducing access, in the context of their exit strategy, contingent on the evolution of risks.

Subject: Assessing reserve adequacy (ARA), External debt, External position, Financial institutions, Inflation, Loans, Prices, Public debt

Keywords: Assessing reserve adequacy (ARA), External Economic Stress index, FCL arrangement, FCL qualification criteria, Global, Inflation, Loans, Morocco's economy, Qualification criteria

Publication Details

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