IMF urges more focus on reforms
The International Monetary Fund used the rst review of its Precautionary and Liquidity Line (PLL) arrangement for Morocco that it agreed in December 2018 to issue a reminder of the need for reform. IMF mission lead Nicholas Blancher said that signi cant structural reforms had been initiat- ed, but that their implementation should be stepped up in order to increase productivity gains, create jobs, and raise growth potential, in line with the government’s medium-term objectives. Key priorities included improving the quality of: the education system; the functioning of the labour market; female labour force participation, and the business environment. The PLL will provide insurance against external risks and support the authorities’ policies to reduce scal and external vulnerabilities and promote higher and more inclusive growth. The $3bn PLL replaced a previous $3.7bn line that it never used before it expired in July 2018. In April 2019 Fitch, the rating agency, a rmed Morocco at BBB- with a stable outlook, saying that it projected the central government (de cit at 3.7% of GDP (excluding privatisations) in 2019, in line with the budget target and 2018 outturn, and 3.5% in 2020.