Executive Board Receives Request for Flexible Credit Line Arrangement with Morocco
IMF News, March 6, 2023
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- Executive Board Receives Request for Flexible Credit Line Arrangement with Morocco
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Bibliographic details
- Published: March 6, 2023
Request details and key figures
- Press Release No. 23/60; March 6, 2023.
- The Moroccan authorities requested a two-year arrangement under the Flexible Credit Line (FCL).
- Requested amount: SDR 3.726 billion (about 417 percent of quota, or US$5 billion).
- The Moroccan authorities intend to treat the credit line as precautionary.
Character of the Flexible Credit Line (FCL)
- The FCL "helps safeguard against external shocks by providing countries with very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ex post conditionality."
- The FCL is designed for countries with very strong policy frameworks and track records.
IMF governance and procedural notes
- The IMF Executive Board met in an informal session to discuss the request. [During an informal session, IMF staff engages with Executive Board Members to discuss country matters where no formal Board decision is expected.]
- Considering Morocco’s very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Morocco when the IMF Executive Board meets again to take a decision in the following weeks.
IMF stance and support
- "The IMF stands ready to continue to support Morocco face the risks from the highly uncertain global environment."
Media and contact
- IMF Communications Department, MEDIA RELATIONS.
- PRESS OFFICER: Wafa Amr.
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
Source: Executive Board Receives Request for Flexible Credit Line Arrangement with Morocco (Press Release No. 23/60), March 6, 2023.