The International Monetary Fund said on Monday that its board of directors had approved a flexible credit line for Morocco worth about $5 billion over two years.
He added that the Moroccan authorities had expressed their intention to use the new flexible credit line as a precautionary measure.
The International Monetary Fund has announced that its CEO will recommend approval of a request received by the Financial Authority from Morocco for $5 billion in funding through a “flexible credit line” in light of the Kingdom’s high public debt.
“Given Morocco’s very strong political base and track record, Kristalina Georgieva, Managing Director of the Fund, intends to recommend the approval of the FCL agreement with Morocco,” the FCA said in a statement.
Rabat’s request came shortly after he was removed from the GAFI’s Financial Action Task Force (GAFI) greylist to combat money laundering and terrorist financing.
The exclusion of Morocco from this list was a necessary condition for the Kingdom to take advantage of the “flexible credit line”.
