Morocco gains $3bn precautionary IMF credit line

The International Monetary Fund has approved a Precautionary and Liquidity Line (PLL) arrange- ment for Morocco that 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 precautionary credit line replace a previous $3.7bn liquidity line that it never used before it expired in July 2018. Mitsuhiro Furusawa, IMF Deputy Managing Director and Acting Chair of the Executive Board, said Morocco had made signi cant strides in reducing domestic vulnerabilities in recent years. However he added that the outlook remained subject external downside risks, including heightened geopolitical risks, slow growth in Morocco’s main trading partners, and global nancial market volatility. In this context, a successor Precautionary and Liquidity Line (PLL) arrangement with the Fund would provide valuable insurance against external risks, and support the authorities’ policies aimed at further reducing scal and external vulnerabili- ties and promoting higher and more inclusive growth.