World Economy

Morocco to Borrow $3.5b From IMF

Morocco to Borrow $3.5b From IMFMorocco to Borrow $3.5b From IMF

The executive board of the International Monetary Fund has approved a $3.47 billion aid for Morocco, TradeArabia reported. The two-year arrangement will be under the precautionary and liquidity line for SDR 2.504 billion (about $3.47 billion, or 280% of Morocco’s quota), said an IMF statement. The access under the arrangement in the first year will be equivalent to SDR1.252 billion (140% of quota). In recent years, the authorities have successfully reduced fiscal and external vulnerabilities and implemented key reforms with the support of two successive 24-month PLL arrangements. The new PLL arrangement will provide Morocco with useful insurance against external shocks.