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IMF Approves 5-Bln-Usd Flexible Credit Line for Morocco

The International Monetary Fund (IMF) approved 5-billion-U.S. dollar Flexible Credit Line (FCL) for Morocco in a two-year arrangement, in a bid to strengthen the kingdom’s buffers and provide insurance against possible risks, Morocco’s official radio channel SNRT reported Tuesday.

In a statement posted on its website on Monday, the IMF announced its approval and said the FCL arrangement would help Morocco face the challenge of rebuilding the policy space, “while accelerating the implementation of its structural reform agenda in an increasingly risky external environment.”

“The (Moroccan) authorities intend to treat the FCL arrangement as precautionary, and to exit the arrangement as soon as the 24-month period is completed, contingent on the evolution of risks,” IMF Deputy Managing Director Antoinette Sayeh was quoted by the statement as saying.

Since 2012, Morocco had benefited from four successive Precautionary and Liquidity Line arrangements, amounting each to about 3 billion dollars, according to the IMF.