The deputy managing director of the International Monetary Fund (IMF), Kenji Okamura, highlighted on Wednesday the “resilience of Morocco in the face of the many shocks suffered since 2020.”
In a statement issued by the IMF after his visit to Morocco, the official cited the COVID-19 pandemic, the fallout from Russia’s invasion of Ukraine and two severe droughts as shocks Morocco handled with resilience.
“This visit was an opportunity to learn firsthand from the authorities about their excellent preparation for hosting the largest IMF and World Bank meeting” scheduled to take place in Morocco, he added, commending the Kingdom for “the critical reforms undertaken to help strengthen and diversify the Moroccan economy.
Deputy Managing Director Okamura: Met with Minister Fettah of ?? @financesmaroc and congratulated her for Morocco’s very strong policy response to the pandemic, the war in Ukraine, and the droughts. pic.twitter.com/RlmBPpXQgj
— IMF Middle East & North Africa (@IMFinMENA) March 8, 2023
The resilience of the Moroccan economy “owes much to the authorities’ swift response, which helped mitigate the economic and social impact of the shocks,” the IMF deputy managing director said.
“Even in this difficult environment, the authorities have accelerated the implementation of their structural reform program and taken bold steps to extend social protection to all Moroccans, improve the health and education systems, stimulate private sector development, and address the challenges that climate change poses to the Kingdom,” he said.
Kenji Okamura noted that the IMF “has been actively engaged with Morocco, including through four successive precautionary and liquidity line (PLL) arrangements,” recalling the request considered earlier this week by the Fund’s Executive Board for a two-year flexible credit line (FCL) arrangement.
“The IMF remains committed to continuing to help Morocco address the risks associated with the highly uncertain global environment and to supporting its efforts to achieve a more resilient and inclusive development model. The Annual Meetings in Marrakech are another testament to our strong and deep partnership,” he concluded.
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