The IMF board approved a flexible credit line to Morocco worth about $5 billion over two years.
The International Monetary Fund (IMF) announced that its director-general will recommend the approval of a request received by the financial authority from Morocco to benefit from financing worth $ 5 billion through the "flexible credit line", in light of the high public debt of the Kingdom.
Given Morocco's policy frameworks and a very strong track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL agreement with Morocco."
Rabat's request came shortly after it was removed from the grey list of the Financial Action Task Force (GAFI) on combating money laundering and terrorist financing. Morocco's removal from that list was a prerequisite for the Kingdom to benefit from the "Flex Credit Line".
Source (Al-Arabiya.net Website, Edited)
