{
  "title": "Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco",
  "publication": "IMF Staff Country Reports, June 7, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973",
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  "summary": "This 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 country is implementing well-constructed policies and remains committed to maintaining such policies in the future.",
  "publishDate": "2017-06-07",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The paper discusses Morocco’s First Review under the Arrangement under the Precautionary and Liquidity Line (PLL).\n- Morocco’s economic fundamentals and policy frameworks are sound.\n- The authorities have not drawn on the arrangement and continue to treat it as precautionary."
    },
    {
      "heading": "Key Findings",
      "content": "- The September 2016 quantitative indicative targets (ITs) were met.\n- The end-March 2017 fiscal deficit ITs were met.\n- The end-March 2017 reserves ITs were missed owing to the widening current account deficit since July 2016.\n- Morocco is implementing well-constructed policies and remains committed to maintaining such policies in the future."
    },
    {
      "heading": "Policy Assessment",
      "content": "- Implementation: Policies are being implemented as designed and are judged to be well-constructed.\n- External position: A widening current account deficit since July 2016 led to missed reserves ITs at end-March 2017.\n- Use of arrangement: The authorities have treated the PLL arrangement as precautionary and have not drawn on it."
    },
    {
      "heading": "Quantitative Targets and Outcomes",
      "content": "- September 2016: quantitative indicative targets (ITs) — met.\n- End-March 2017: fiscal deficit ITs — met.\n- End-March 2017: reserves ITs — missed (reason: widening current account deficit since July 2016)."
    },
    {
      "heading": "IMF Staff Recommendation",
      "content": "- The IMF staff recommends the completion of the first review under the PLL arrangement."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subject: Credit, External debt, External position, Government debt management, Money, Public debt, Public financial management (PFM)\n- 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\n\nInternational 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.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973"
    }
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    "Published: June 7, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484303146.002",
    "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.",
    "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.",
    "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.",
    "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).",
    "The IMF staff recommends the completion of the first review under the PLL arrangement.",
    "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",
    "**Country Report**"
  ],
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