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The IMF has approved a two-year $3.47bn Precautionary and Liquidity Line (PLL) for Morocco, to support it with “useful insurance against external shocks as the authorities pursue their reform agenda aimed at further strengthening the economy’s resilience and fostering higher and more inclusive economic growth.”
The Moroccan authorities have stated that they plan to treat the new PLL as precautionary, as they have done under the previous two arrangements. They do not intend to draw on it unless the country experiences actual balance of payments needs from a serious deterioration of external conditions.
Morocco’s first PLL arrangement for about $6.21bn was approved in August 2012, while the second one for about $5bn was passed in July 2014 (MEES, 1 August 2014).
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