The International Monetary Fund announced that it had received an official request from Moroccan authorities for a flexible credit line worth $5 billion, equivalent to about MAD 60 billion.
The Fund stated, in a press released Monday, that its Executive Board met in an informal session to discuss the request it received from Morocco for a flexible credit line for a period of two years.
According to the Fund, this line will help protect against external shocks, as it provides countries that have a strong policy framework and economic performance tracking records, large and advance access to the Fund’s resources without conditions.
“The Moroccan authorities intend to deal with the line of credit as a precautionary measure,” the statement stated, as the Fund announced its readiness to continue supporting Morocco in facing the risks of the highly uncertain global environment.
The same source indicated that Kristalina Georgieva, Managing Director of the International Monetary Fund, intends to recommend approval of the flexible credit line agreement for Morocco during the Fund’s Executive Board meeting again to take a decision in the coming weeks.
Morocco had announced its intention to request a line of credit from the Fund last year. But his presence on the FATF’s gray list was preventing that at the time. And after the group recently agreed to remove him from the list, he hastened to submit an official request in this regard.
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