The IMF praises Morocco's Economic Measures

  • Rabat, Kingdom of Morocco
  • 24 December 2020

Morocco is heading towards repaying one billion dollars of the debt owed to the International Monetary Fund, which is an automatic decision that did not come as a result of reaching an outstanding debt term, as Morocco will pay back part of the debt it owes to the international financial institution, after it was able to provide a comfortable balance of foreign exchange, according to a statement issued by the International Monetary Fund.

Last April, Morocco withdrew from the liquidity and safeguard line provided by the International Monetary Fund in the range of $ 3.2 billion.

In this regard, the Governor of the Moroccan Central Bank, Abdellatif Jouahiri, considered that "the high treasury debt has reached 79 percent of the GDP, however, the International Monetary Fund mission did not stop at the level of debt. Rather, it praised the way the Kingdom dealt with the health crisis through the measures it took in order to address its repercussions.”

The Moroccan central bank predicted that the internal debt of the treasury would rise between 2019 and 2022, from 50.9 percent of GDP to 58.1 percent, while the external debt would jump from 14 to 21.1 percent in that period. The Minister of Economy, Finance and Administration Reform, Mohamed Benchaaboun, confirmed that "the double negative impact of the decline in growth and the rise in the budget deficit has been taken into consideration in the 2021 budget, and for that, it is natural for the treasury debt to rise, in a mechanical way."

Source (Al-Araby Al-Jadeed Newspaper, Edited)

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