IMF chief lauds Morocco’s swift earthquake response

Head of the IMF Kristalina Georgieva lauded Morocco’s rapid and efficient response to the earthquake following a visit to the stricken areas.

Morocco showed “unmatched solidarity by the King and the people,” said Georgieva at an event marking the launch of an IMF book on Morocco’s growth potential presented at the IMF-WB annual meetings center in Marrakech.

“All kids are back to school in affected areas,” said Georgieva, adding “I could see in their enthusiasm to learn is evidence of the bright future of the country.”

Georgieva also highlighted the importance of Morocco’s “wide-ranging reforms,” in bolstering the country’s resilience to external shocks.

She commended Morocco’s achievements in tourism, economic diversification, and agriculture.

“Morocco is the only country in Africa eligible for a flexible credit line,” she said.

The IMF had offered Morocco last month a $1.3 billion climate resilience loan and had unlocked a $5 billion flexible credit line for the country earlier this year

Thanks to its reform to safeguard macro-economic balances, Morocco can tap into that flexible credit line without pre-conditions, said central bank governor Abdellatif Jouahri who was speaking at the event.

Morocco has never defaulted on debt payment since it undertook a structural adjustment reform, he said.

Jouahri grapped the opportunity to urge the IMF and international financial institutions to focus more on the human being by addressing poverty and education issues through cheap loans.