IMF Hails Morocco’s Reforms towards a More Inclusive Economy

The International Monetary Fund (IMF) is “impressed” by Morocco’s determination to pursue its structural reforms and endeavors to make its economy more inclusive, said Wednesday in Rabat IMF Managing Director, Kristalina Georgieva.

She cited as an instance the new development model being elaborated by a special committee and the Integrated Program for Enterprise Support and Financing, launched by King Mohammed VI last week to promote entrepreneurship.

“We are impressed by Morocco’s determination to pursue its major structural reforms so that its economy can meet the aspirations of the Moroccan people,” Georgieva told reporters following the separate talks she held in Rabat with Head of Government Saad Dine El Otmani and Minister of Economy & Finance Mohamed Benchaaboun.

She underlined the important reforms adopted by the Kingdom to make its economy more inclusive for the benefit of its socio-economic development, saying that the IMF supports Morocco and all the reforms undertaken.

The IMF chief who was on a two-day visit to Morocco to discuss among others preparations for the annual meetings of the IMF and the World Bank (WB), scheduled for October 2021 in Marrakech, hailed the Moroccan experience and the progress made by the Kingdom in various fields. She commended the “strong” partnership between the monetary institution and Morocco, which remains, she said, a source of stability in the region.

Welcoming the importance given by Morocco to youth and women, she said the IMF is committed to provide technical support to policy makers in the country.

The IMF is willing to collaborate with Morocco to achieve the objectives of the King’s vision, she pointed out, adding that Morocco is currently shaping its growth and development model for the future.

Talks with Moroccan officials also covered article 4 of the IMF, which consists in reviewing all the macroeconomic indicators of the country as well as all the structural reforms meant to control public finances.

The IMF has regularly issued notes showing that Morocco is moving in the right direction, particularly with regard to debt sustainability, Minister of Economy & Finance Mohamed Benchaaboun, told reporters, recalling that since 2012, Morocco reiterates the Precautionary and Liquidity Line (PLL).

This line, which is worth $3 billion today and which comes to an end at the end of 2020, serves as an additional guarantee that allows the country to address external shocks, the minister said after his talks with the IMF chief.

This line, which Morocco never intends to use, has helped to ensure that the main international donors have confidence in the country, he said.

Morocco’s development model was also discussed at the talks.

On Tuesday, Mrs Kristalina Georgieva, visiting the venue of the 2021 Annual Meetings of the IMF and the World Bank in Marrakesh, said “after several years at last this event will be organized on African soil.” She said Morocco was chosen to be a world economic and financial capital for “its history, its culture and its economic dynamism.”

This will be the first time that an African country will host the annual meetings of the World Bank and the IMF in 47 years.

The meetings are set to bring together the ministers of economy and finance of 188 member states, in addition to the directors of central banks, international investors, and businessmen.

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