Morocco: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

January 5, 2021

Preview Citation

Format: Chicago

Morocco: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Also available in: français

Summary

As in many other countries in the world, the pandemic has exerted a heavy toll on Morocco’s population. Its economy has also been hit by a severe drought that affected agriculture output. The authorities’ prompt response has helped contain the social and economic damage from the shocks but could not avoid a severe contraction of GDP. The loss of tax revenues deteriorated the fiscal position, while the fall in tourism receipts widened the current account deficit. However, greater access to external borrowing, including the full drawing of the IMF Precautionary and Liquidity Line (PLL) arrangement, has helped maintain international reserves at adequate levels so far in 2020. A gradual economic recovery is expected to begin in 2021, assuming the impact of the drought and the health crisis wane next year. The recent rise in COVID-19 cases, both in Morocco and its main trading partners, suggests that this outlook remains subject to significant downside risks.

Subject: COVID-19, Credit, External debt, Financial institutions, Health, Loans, Money, Public debt

Keywords: Coupon rate, COVID-19, CR, Credit, Draft budget law, Global, Government policy, ISCR, Loans, Maghreb, Vaccination campaign, Vaccine dose

Publication Details

Pages:

72
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/002
Stock No:

1MAREA2021001
ISBN:

9781513565958
ISSN:

1934-7685

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