IMF Staff Country Reports

This paper presents Morocco’s 2024 Article IV Consultation, Review under the Flexible Credit Line Arrangement, First Review under the Resilience and Sustainability Arrangement, and Rephasing of Access under the Resilience and Sustainability Facility. The discussions focused on the policies needed to secure the recent decline of inflation and advance with fiscal consolidation while financing the structural reforms needed to ensure that economic growth creates more jobs and becomes more inclusive. The Moroccan economy continued to show resilience to negative shocks. Inflation fell over the course of 2023, mainly as the impact of supply shocks faded. The current account deficit narrowed significantly. The central government fiscal deficit improved more than envisaged in the 2023 Budget. The 2023 overall deficit closed at 4.4 percent of gross domestic product (GDP), about 0.5 percent of GDP less than projected in the 2023 Budget. The implementation of the announced structural reform agenda has continued.