A mission from the International Monetary Fund (IMF) visited Rabat from July 7 to 19, 2011 to conduct Article IV discussions. The mission wishes to thank the Moroccan authorities for their excellent cooperation and the highly constructive discussions.
1. Morocco has successfully met major challenges in the past two years. Thanks to sound macroeconomic policy and political reforms, Morocco was well-equipped to address the 2009 international crisis and to respond to the social unrest which has emerged in many countries in the Middle East and North Africa (MENA) region since early 2011. In this challenging environment, Morocco has performed well economically and has seen its social indicators improve.
2. The relatively favorable medium-term outlook would be further improved if macroeconomic policies were reoriented toward achieving high and sustainable rates of growth. In fact, the major challenge for Morocco remains that of achieving a GDP growth rate that will help reduce unemployment and improve living standards, while ensuring medium-term macroeconomic stability. Since early 2011, declining growth among Morocco`s main trading partners and rising commodity prices have complicated efforts to manage macroeconomic stability.
Although in 2011 the Moroccan government implemented short-term policies to address these constraints, in 2012 the government is expected to consider reorienting public expenditure and achieving a fiscal sustainability while fostering inclusive and sustainable growth in the medium term. Declaration of FMI about concluding statement of the 2011 article iv consultation