Morocco: 2024 Article IV Consultation, Review Under the Flexible Credit Line Arrangement, First Review Under the Resilience and Sustainability Arrangement, and Rephasing of Access Under the Resilience and Sustainability Facility

IMF Staff Country Reports, May 1, 2024

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Morocco: 2024 Article IV Consultation, Review Under the Flexible Credit Line Arrangement, First Review Under the Resilience and Sustainability Arrangement, and Rephasing of Access Under the Resilience and Sustainability Facility

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Bibliographic details

• Published: May 1, 2024
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400273551.002

Scope and purpose

• Presents Morocco’s 2024 Article IV Consultation, Review under the Flexible Credit Line (FCL) Arrangement, First Review under the Resilience and Sustainability (RSF) Arrangement, and Rephasing of Access under the Resilience and Sustainability Facility.
• Discussions focused on the policies needed to:
  • secure the recent decline of inflation;
  • advance with fiscal consolidation; and
  • finance the structural reforms needed to ensure that economic growth creates more jobs and becomes more inclusive.

Key macroeconomic findings

• The Moroccan economy continued to show resilience to negative shocks.
• Inflation fell over the course of 2023, mainly as the impact of supply shocks faded.
• The current account deficit narrowed significantly.
• The central government fiscal deficit improved more than envisaged in the 2023 Budget.
• The 2023 overall deficit closed at 4.4 percent of gross domestic product (GDP), about 0.5 percent of GDP less than projected in the 2023 Budget.
• The implementation of the announced structural reform agenda has continued.

Policy implications and priorities (as discussed)

• Secure and consolidate the decline in inflation.
• Advance fiscal consolidation while ensuring financing for necessary structural reforms.
• Prioritize reforms that enhance job creation and inclusiveness of economic growth.

Subject coverage and keywords

• Subjects: Agricultural sector, Central Bank digital currencies, Economic sectors, Inflation, International organization, Monetary policy, Prices, Public debt, Technology
• Keywords: accounts payable, Africa, Agricultural sector, Central Bank digital currencies, climate finance strategy, fcl agreement, General government debt, Global, Inflation, investment project, Maghreb, resilience of the economy, RSF arrangement, RSF reform, RSF review, Sub-Saharan Africa

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