Morocco: Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement
IMF Staff Country Reports, September 8, 2017
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- Morocco: Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement
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Bibliographic details
- Published: September 8, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484317518.002
Overview and Context
- Publication date: September 8, 2017
- Subject focus: Expenditure, Fiscal policy, Government debt management, Oil prices, Prices, Public debt, Public financial management (PFM)
- Policy context: Ex Post Evaluation of Exceptional Access under Morocco’s 2014 PLL arrangement
- Document metadata:
- Pages: 33
- Volume: 2017
- Issue: 265
- Series: Country Report No. 2017/265
- DOI: https://doi.org/10.5089/9781484317518.002
- Stock No: 1MAREA2017005
- ISBN: 9781484317518
- ISSN: 1934-7685
Key Findings
- Effectiveness of program design and ownership:
- The Morocco case demonstrated that with strong ownership, parsimonious conditionality can be effective in delivering on program commitments.
- Vulnerability reduction:
- The PLL arrangement with Morocco was successful in helping to reduce vulnerabilities.
- Fiscal outcomes and objectives:
- Fiscal balances improved under the arrangement.
- The fiscal objective was a gradual reduction of the budget deficit to 3 percent of GDP by 2017.
- That fiscal objective aimed to balance reducing the debt-to-GDP ratio closer to 60 percent in the medium term while allowing necessary investment and social spending.
- Growth and reform needs:
- Going forward, to achieve higher and more inclusive growth, Morocco will require continued strong policies and accelerated fiscal and structural reforms.
Policy Implications and Recommendations
- Maintain strong policy ownership to ensure program effectiveness.
- Keep conditionality parsimonious where appropriate to enhance deliverability of commitments.
- Continue fiscal consolidation aimed at:
- Reducing the budget deficit toward the 3 percent of GDP objective (by 2017 target year noted in the evaluation).
- Bringing the debt-to-GDP ratio closer to 60 percent in the medium term while safeguarding investment and social spending.
- Accelerate structural reforms to support higher and more inclusive growth.
Keywords and Thematic Tags (as provided)
- application of the PLL policy, CR, executive board assessment, Global, government, Government debt management, government program, ISCR, Maghreb, Morocco's PLL qualification, Oil prices, PLL arrangement, PLL prog. request, PLL qualification criteria, reform, reform program
International Monetary Fund. Middle East and Central Asia Dept. "Morocco: Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco", IMF Staff Country Reports 2017, 265 (2017).
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- Country Report