Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco
IMF Staff Country Reports, June 7, 2017
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- Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco
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Bibliographic details
- Published: June 7, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484303146.002
Overview
- The paper discusses Morocco’s First Review under the Arrangement under the Precautionary and Liquidity Line (PLL).
- Morocco’s economic fundamentals and policy frameworks are sound.
- The authorities have not drawn on the arrangement and continue to treat it as precautionary.
Key Findings
- The September 2016 quantitative indicative targets (ITs) were met.
- The end-March 2017 fiscal deficit ITs were met.
- The end-March 2017 reserves ITs were missed owing to the widening current account deficit since July 2016.
- Morocco is implementing well-constructed policies and remains committed to maintaining such policies in the future.
Policy Assessment
- Implementation: Policies are being implemented as designed and are judged to be well-constructed.
- External position: A widening current account deficit since July 2016 led to missed reserves ITs at end-March 2017.
- Use of arrangement: The authorities have treated the PLL arrangement as precautionary and have not drawn on it.
Quantitative Targets and Outcomes
- September 2016: quantitative indicative targets (ITs) — met.
- End-March 2017: fiscal deficit ITs — met.
- End-March 2017: reserves ITs — missed (reason: widening current account deficit since July 2016).
IMF Staff Recommendation
- The IMF staff recommends the completion of the first review under the PLL arrangement.
Subjects and Keywords
- Subject: Credit, External debt, External position, Government debt management, Money, Public debt, Public financial management (PFM)
- Keywords: CR, Credit, deficit, Global, Government debt management, IMF's Executive Board, ISCR, Maghreb, Morocco's PLL arrangement, PLL, PLL objective, PLL qualification criteria, policy implementation, Sub-Saharan Africa
International Monetary Fund. Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco, June 7, 2017.
Content in this bundle
- Country Report