{
  "title": "Morocco: Second Review under the Precautionary and Liquidity Line",
  "publication": "IMF Staff Country Reports, September 27, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-second-review-under-the-precautionary-and-liquidity-line-40970",
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  "summary": "This paper highlights Morocco’s Second Review Under the Precautionary and Liquidity Line. The IMF report analyzes that the 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework.",
  "publishDate": "2013-09-27",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Macroeconomic and fiscal findings",
      "content": "- The 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework.\n- Core inflation has remained low.\n- The unemployment rate remained about 9 percent.\n- After worsening in 2012, the current account has been improving in 2013.\n- Reserves have stabilized at about four months of imports.\n- Liquidity conditions have remained tight.\n- Credit growth has continued to decelerate, driven by both supply and demand factors."
    },
    {
      "heading": "Key themes and areas of vulnerability",
      "content": "- Fiscal framework weaknesses highlighted by the 2012 fiscal slippage.\n- External position: improvement in the current account in 2013 alongside stabilized reserves.\n- Monetary and financial conditions: persistent tight liquidity and slowing credit growth.\n- Labor market: unemployment persistent at about 9 percent."
    },
    {
      "heading": "Implications for policy and monitoring",
      "content": "- Close monitoring of public financial management and government debt management given the budget framework vulnerabilities.\n- Continued attention to liquidity conditions and measures to address both supply- and demand-side constraints on credit.\n- Ongoing surveillance of external balances despite the 2013 improvement in the current account and stabilization of reserves.\n\nInternational Monetary Fund. Morocco: Second Review under the Precautionary and Liquidity Line (IMF Staff Country Reports 2013, 302).\n\n---\n\n Content in this bundle\n\n- Cr13302 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-second-review-under-the-precautionary-and-liquidity-line-40970"
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    "Published: September 27, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484387986.002",
    "The 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework.",
    "Core inflation has remained low.",
    "The unemployment rate remained about 9 percent.",
    "After worsening in 2012, the current account has been improving in 2013.",
    "Reserves have stabilized at about four months of imports.",
    "Liquidity conditions have remained tight.",
    "Credit growth has continued to decelerate, driven by both supply and demand factors.",
    "Fiscal framework weaknesses highlighted by the 2012 fiscal slippage.",
    "External position: improvement in the current account in 2013 alongside stabilized reserves.",
    "Monetary and financial conditions: persistent tight liquidity and slowing credit growth.",
    "Labor market: unemployment persistent at about 9 percent.",
    "Close monitoring of public financial management and government debt management given the budget framework vulnerabilities.",
    "Continued attention to liquidity conditions and measures to address both supply- and demand-side constraints on credit.",
    "Ongoing surveillance of external balances despite the 2013 improvement in the current account and stabilization of reserves.",
    "[Cr13302 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13302.pdf){rel=\"external\" type=\"application/pdf\"}"
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