Morocco Taps $6.2 Billion Precautionary Loan from IMF

-     North African country implementing political and economic reforms
-     Credit line underpins Morocco’s strong economic fundamentals and solid policy track record
-     Morocco says liquidity line is insurance policy if international conditions worsen

The Executive Board of the International Monetary Fund (IMF) has approved a $6.2 billion liquidity line for Morocco to help protect the North African country against swings in oil prices and potential fallout from the downturn in Europe.

The 24-month loan is provided under the IMF’s new Precautionary Liquidity Line (PLL). It will provide a useful insurance against external shocks in light of heightened uncertainty worldwide, and allow the authorities to continue with their home-grown reform agenda aimed at boosting inclusive economic growth.

The PLL was added to the IMF lending toolkit in 2011.

The IMF’s online news magazine, IMF Survey, spoke with the Morocco mission chief Dominique Guillaume to discuss the reasons for the liquidity line and prospects for the country’s economy.

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