The Executive Board of the International Monetary Fund (IMF) met on Monday to discuss a request from Morocco for a 2-year arrangement under the Fund’s Flexible Credit Line (FCL), of 3.7262 billion SDR (equivalent to approximately 417% of Morocco’s quota, or USD$5 billion).
The Fund explained, in a statement, that “this credit line helps safeguard against external shocks by providing countries with very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ex-post conditionality,” adding that Morocco seeks this credit line as a precautionary measure.
“Considering Morocco’s very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Morocco when the IMF Executive Board meets again to take a decision in the following weeks,” noted the statement, concluding that the Fund “stands ready to continue to support Morocco face the risks from the highly uncertain global environment.”