Morocco made good monetary & fiscal choices in the face of COVID-19, IMF Chief says

Morocco made good monetary & fiscal choices in the face of COVID-19, IMF Chief says

Morocco made “good choices” in terms of monetary and fiscal policy in the face of the Covid-19 pandemic, said Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, who highlighted the very strong partnership between the international financial institution and the Kingdom.

“We have had a very strong partnership with Morocco for years now. Over the past eight years, we have had a commitment that gave Morocco the possibility of using a Precautionary and Liquidity Line (LPL),” Georgina said, adding that the precaution proved to be useful during the coronavirus crisis.

“Actually, for the first time, Morocco drew on the PLL USD 3 billion to mitigate the impact of this pandemic”, the IMF chief pointed out at a press briefing.

“We are discussing the objectives targeted by Morocco, and what we could do to support the country during this period,” she said in response to a questions on the IMF’s partnership with Morocco and the launch of the COVID-19 vaccination campaign in the Kingdom.

Regarding Morocco’s response to the pandemic, she highlighted its “way of prioritizing the response, given that like many other countries, the fiscal space is not unlimited”. “In terms of Morocco’s monetary policy and fiscal positioning, the country has made the right choices for its citizens,” she said.

Regarding the annual meeting of the IMF and the World Bank which was to be held in 2021 in Marrakech before being postponed to 2022 due to the health crisis, the IMF Chief said: “We were really looking forward to going to Morocco in October of this year. It had to be postponed. I sincerely hope that the meetings will be held in Morocco in October next year and I can’t wait to rediscover the incredible Moroccan hospitality.”

After recalling how the pandemic has turned upside down, in addition to economies, the way of life and interaction between individuals, Georgieva concluded on a note of hope, saying that “with a little luck, the Meetings in Morocco will be a time to celebrate the fact that we have overcome a huge challenge”.

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