The Board of Directors of the International Monetary Fund agreed to grant Morocco $ 496 million in the value of the third batch of the sustainability mechanism.
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The International Monetary Fund said, in a statement on Tuesday, that “the Moroccan economy has continued to show its ability to withstand, despite passing another year of drought,” expected that growth will accelerate in the medium term, thanks to large investments and continue structural reforms.
This new funding raises the total amount allocated to this program to about $ 1.24 billion.
The statement quoted the deputy director of the Fund and his Acting CEO, Kenji Ocamone, as saying that “the Moroccan economy continued to show flexibility in the face of negative shocks, which attests to the strength of policies and economic cadres in Morocco.”
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He added, “Despite the new wave of drought, economic activity only slowed down, to be approximately 3.2 % in 2024, compared to 3.4 % in 2023, thanks to strong internal demand.”
It is expected that the internal GDP will accelerate to reach about 3.7 % in the coming years, thanks to a new cycle of infrastructure projects and continuing the implementation of the structural repairs program.
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According to the statement, these reforms “are essential for promoting growth, making it more resilient and capable of finding jobs and more comprehensive,” noting that the current deficit is slightly exacerbated, while the unemployment rate remained high, and is 13 %, especially due to the loss of jobs in the agricultural sector.
The statement stated that “it is expected that the growth of the raw internal product is accelerated to reach about 3.7% in the coming years, supported by a new series of infrastructure projects and continuing the implementation of the structural reforms program,” noting that inflation continued to decline during 2024, thanks to the reduction of the effect of the supply shocks, which prompted Bank Al -Maghrib to reduce the main interest rate twice, in June and December, while the dirham price continued to develop within the scope of fluctuation by a rate 5%.
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The budget deficit in Morocco has improved a greater rate than expected in the 2024 budget. The total deficit of 2024 reached 4.1 % of the crude domestic product, or about 0.2 % less than expected.
In its statement, the International Monetary Fund considered that “this improvement reflects the high tax income at a higher rate than expected, which instead of the increase in spending.”
