Morocco’s economic growth is expected to reach 2.8 percent in 2019 against 3 pc posted last year due to a slight decline in agricultural output and a moderate recovery in non-agricultural activity, said on Thursday Nicolas Blancher, Chief of the International Monetary Fund (IMF) team that visited Morocco from Oct.29 to Nov.7.
Morocco’s economic fundamentals and macroeconomic performance remain solid, despite the volatility of cereal production and the high external risks, affirmed Mr. Blancher after concluding the IMF staff team’s visit to the country.
The IMF team conducted discussions with Moroccan authorities on the 2019 Article IV consultation as well as the second review of the Precautionary and Liquidity Line (PLL) arrangement approved in December 2018.
The IMF PLL arrangement provides a line of credit to stabilize reserves when deficit spending rises. However, Morocco has not so far used the PLLs thanks to its improved fiscal management and economic diversification which have strengthened the resilience of the country’s economy in recent years.