The International Monetary Fund (IMF) Executive Board met today in an informal session [1] to discuss a request from the Moroccan authorities for a two-year arrangement under the Flexible Credit Line (FCL) with the IMF in an amount equivalent to SDR 3.726 billion (about 417 percent of quota, or US$5 billion). This credit line helps safeguard against external shocks by providing countries with very strong policy frameworks and track records of economic performance with large, upfront access to IMF resources with no ex post conditionality. The Moroccan authorities intend to treat the credit line as precautionary.
Considering Morocco’s very strong policy frameworks and track record, IMF Managing Director Kristalina Georgieva intends to recommend approval of the FCL arrangement for Morocco when the IMF Executive Board meets again to take a decision in the following weeks. The IMF stands ready to continue to support Morocco face the risks from the highly uncertain global environment.
For more information on the IMF’s Flexible Credit Line:
Flexible Credit Line (FCL) (imf.org)
[1] During an informal session, IMF staff engages with Executive Board Members to discuss country matters where no formal Board decision is expected.
Distributed by APO Group on behalf of International Monetary Fund (IMF).
