IMF Praises Morocco’s COVID-19 Vaccination Efforts and Economic Recovery

According to Mr. Cardarelli, the Kingdom has shown "agility in the acquisition and distribution of doses at the level of its population" in its vaccination response policy. Moreover, he noted, signs of economic recovery are visible in the export sector in the industrial sector, marked by 80,000 jobs in the fourth quarter of 2020.

The IMF Mission Chief explained that these economic performances are the result of the good conduct of the vaccination campaign, which has enabled a high vaccination coverage rate to be recorded. This will inevitably revive tourism, an economically viable sector in Morocco, he points out.

On the debt issue, the Fund warns that the private sector may receive a shock due to the increase in financing needs expressed by the Treasury, while stressing that debt sustainability is not threatened. The speed of the economic recovery in Morocco depends on the smooth progress of the vaccination operation against the new coronavirus (Covid-19), he insisted, before commending the Moroccan government for the generalization of social protection.

And the head of the IMF’s regional analysis and strategy division, Pelin Berkmen, added that the paths to recovery at the level of the different countries in the region depend on the speed of vaccination and structural differences. Rapid access to the vaccine could support a short-term recovery, just as the deployment of fiscal support policies could promote a rapid return to growth in the countries concerned.

Organized by the Policy Center for the New South (PCNS) and the IMF, this virtual meeting was an opportunity to focus on the conclusions of the first chapter on the outlook for the global economy, the global situation and the regional economic outlook in the latest IMF report published in April 2021.