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The IMF grants Morocco a second "Precautionary and Liquidity Line" of $ 5 billion : 30/07/2014

The IMF grants Morocco a second "Precautionary and Liquidity Line" of $ 5 billion

The Board of Directors of the International Monetary Fund (IMF) approved Monday, July 28th, 2014, a second precautionary and liquidity line(LPL) in favor of Morocco of about $ 5 billion for the next 24 months, including 4.5 billion available in the first year, said a statement from the IMF.

"This agreement will enable Moroccan to pursue the reform agenda aimed at achieving rapid and inclusive economic growth, while providing them with protection against external shocks," the statement added.

Quoted by the press release, Mr. Noayuki Shinohara, Deputy Director general of the IMF and Acting Chairman of the Board, welcomed, on this occasion, Morocco’s implementation of a policy that contributed to "real macroeconomic performances in recent years."

"Despite a difficult external environment, Morocco made significant progress in the reducing vulnerabilities, reconstructing the political environment and meeting the challenges in the medium term in the first device supported by LPL," he added.

Mr. Shinohara pointed out that Morocco "strengthened the financial situation of the country. While pursuing the structural reforms program to address vulnerabilities, reinforce competitiveness and promote a stronger and more inclusive growth. The progress made in the reform of the system of subsidies is particularly significant ".​