Highlights

Morocco obtains a Precautionary and liquidity line from the International Monetary Fund (IMF) : 08/08/2012

Morocco obtains a Precautionary and liquidity line from the International Monetary Fund (IMF)

The IMF decided, during the meeting of its Board of Directors held August 3rd 2012, to grant Morocco a "precautionary and liquidity line" by an amount equivalent to 700% of its share in this institution, about $ 6.2 billion, usable, if necessary, for a period of two years

Through this new facility, launched by the IMF in November 2011, significant resources are made available for countries with solid economic fundamentals and strong record of economic policy implementation. These resources can be used if their economies were exposed to future shocks.

Morocco`s use of this instrument is part of the Government`s proactive approach to ensure adequate financial resources to cope with, where necessary, a deteriorating external condition.

Indeed, Moroccan economy remains vulnerable to external shocks despite the resilience it demonstrated. This is linked to the depth of recession in the Euro zone and potential soaring price of raw materials and energy products.

Accordingly, given the solid nature of the Moroccan economy and the efficiency of economic policies pursued by the government, Morocco was among the countries eligible to use this precautionary measure.

This line is likely to reassure investors and foreign financial partners as well as rating agencies on Moroccan economic and financial prospects and facilitate the use of funds on the international financial market with favorable terms.