IMF Approves $3 Billion Credit Line for Morocco to Boost Economic Resilience

"Despite a sharp rise in global oil prices, the authorities have reduced the country’s fiscal and external vulnerability, and have implemented important reforms with the support of three consecutive two-year PLL arrangements," the IMF said in a statement.

For the IMF, this new agreement "will provide insurance against external shocks and support the authorities’ efforts to continue strengthening the resilience of the economy and promote higher and more inclusive growth."

The first agreement between Morocco and the IMF was signed in 2012 for an amount of $6.2 billion, the second in 2014 for an amount of $5 billion and the third in July 2016 for an amount of $3.5 billion.

Despite the "considerable progress" made by Morocco "in reducing its domestic vulnerability", "the outlook remains exposed to external risks, including a rise in geopolitical risks, slow growth in Morocco’s main trading partners and volatility in global financial markets," the IMF also wrote.