{
  "title": "Morocco: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco",
  "publication": "IMF Staff Country Reports, January 5, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/01/04/morocco-2020-article-iv-consultation-press-release-staff-report-and-statement-by-the-49987",
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  "summary": "As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco’s population. Its economy has also been hit by a severe drought that affected agriculture output.",
  "sections": [
    {
      "heading": "Executive summary and context",
      "content": "- The pandemic has exerted a heavy toll on Morocco’s population.\n- A severe drought affected agriculture output.\n- Authorities’ prompt response helped contain social and economic damage from the shocks but could not avoid a severe contraction of GDP.\n- Loss of tax revenues deteriorated the fiscal position.\n- Fall in tourism receipts widened the current account deficit.\n- Greater access to external borrowing, including the full drawing of the IMF Precautionary and Liquidity Line (PLL) arrangement, has helped maintain international reserves at adequate levels so far in 2020.\n- A gradual economic recovery is expected to begin in 2021, assuming the impact of the drought and the health crisis wane next year.\n- The recent rise in COVID-19 cases, both in Morocco and its main trading partners, suggests that this outlook remains subject to significant downside risks."
    },
    {
      "heading": "Key findings and economic impacts",
      "content": "- Public health and economic shocks:\n  - COVID-19 pandemic: heavy toll on population and economy.\n  - Severe drought: significant negative effect on agriculture output.\n- Macroeconomic consequences:\n  - Severe contraction of GDP in 2020.\n  - Deterioration of the fiscal position due to loss of tax revenues.\n  - Widening of the current account deficit driven by fall in tourism receipts.\n- External financing and reserves:\n  - Full drawing of the IMF Precautionary and Liquidity Line (PLL) arrangement accessed.\n  - International reserves maintained at adequate levels so far in 2020."
    },
    {
      "heading": "Outlook and risks",
      "content": "- Baseline projection:\n  - Gradual economic recovery expected to begin in 2021, conditional on the waning of the drought and the health crisis.\n- Downside risks:\n  - Recent rise in COVID-19 cases in Morocco and major trading partners increases risk to the recovery outlook."
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Pages: 72\n- Volume: 2021\n- Issue: 002\n- Series: Country Report No. 2021/002\n- DOI: https://doi.org/10.5089/9781513565958.002\n- Stock No: 1MAREA2021001\n- ISBN: 9781513565958\n- ISSN: 1934-7685\n- Publication date on landing page: January 5, 2021\n- Subject: COVID-19, Credit, External debt, Financial institutions, Health, Loans, Money, Public debt\n- Keywords: coupon rate, COVID-19, CR, Credit, draft budget law, Global, government policy, ISCR, Loans, Maghreb, vaccination campaign, vaccine dose\n\nInternational Monetary Fund. Middle East and Central Asia Dept. \"Morocco: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco\", IMF Staff Country Reports 2021, 002 (2021).\n\n---\n\n Content in this bundle\n\n- 1marea2021001\n  - 1marea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1marea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 5, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513565958.002",
    "The pandemic has exerted a heavy toll on Morocco’s population.",
    "A severe drought affected agriculture output.",
    "Authorities’ prompt response helped contain social and economic damage from the shocks but could not avoid a severe contraction of GDP.",
    "Loss of tax revenues deteriorated the fiscal position.",
    "Fall in tourism receipts widened the current account deficit.",
    "Greater access to external borrowing, including the full drawing of the IMF Precautionary and Liquidity Line (PLL) arrangement, has helped maintain international reserves at adequate levels so far in 2020.",
    "A gradual economic recovery is expected to begin in 2021, assuming the impact of the drought and the health crisis wane next year.",
    "The recent rise in COVID-19 cases, both in Morocco and its main trading partners, suggests that this outlook remains subject to significant downside risks.",
    "Public health and economic shocks:",
    "Macroeconomic consequences:",
    "External financing and reserves:",
    "Baseline projection:",
    "Downside risks:",
    "Pages: 72",
    "Volume: 2021",
    "Issue: 002",
    "Series: Country Report No. 2021/002",
    "DOI: https://doi.org/10.5089/9781513565958.002",
    "Stock No: 1MAREA2021001",
    "ISBN: 9781513565958",
    "ISSN: 1934-7685",
    "Publication date on landing page: January 5, 2021",
    "Subject: COVID-19, Credit, External debt, Financial institutions, Health, Loans, Money, Public debt",
    "Keywords: coupon rate, COVID-19, CR, Credit, draft budget law, Global, government policy, ISCR, Loans, Maghreb, vaccination campaign, vaccine dose",
    "**1marea2021001**"
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