Highlights

Following Morocco's request to renew the Precautionary and Liquidity line (LPL), the Board of Directors of the International Monetary Fund approved at its meeting July 22nd 2016, a new agreement under the ( LPL) for a period of 2 years and totalling US $ 3.5 billion.

In this regard, the Fund's Executive Board welcomed our country’s good performance in the framework of both “LPL” programs, particularly in reducing fiscal deficits and current account and the deepening of economic and financial reforms.

The renewal of this facility, which amount was significantly reduced compared to 2014 and 2012 due to the strengthening of macroeconomic leeway, represents insurance for our country to address potential risks of further international environment deterioration. It will contribute to further strengthen the confidence of investors and foreign financial partners in the outlook as well as the economic and financial policies of our country.

The Fund's Executive Board expressed support for the country's reform program aiming to pursue fiscal consolidation, to further strengthen the resilience and competitiveness of the national economy and promote higher, more inclusive, and more job creation growth. He particularly urged the Moroccan authorities to move gradually to a more flexible exchange rate regime.