The North Africa Journal’s WhatsApp Group
On 6 March 2023, the International Monetary Fund’s (IMF) Executive Board met in an informal session to consider a request from Morocco for a two-year loan arrangement under the IMF’s Flexible Credit Line (FCL). The amount under consideration is US$ 5 billion. The requested amount, which is the equivalent of 417% of Morocco’s quota, will be used to “help safeguard [Morocco] against external shocks.”
IMF Managing Director Kristalina Georgieva recommended the board to approve the FCL arrangement for Morocco, with the IMF Executive Board meeting again next week to announce its decision, which will likely accept the application.
Morocco’s eligibility for the FCL will largely depend on its exit from the gray list of the Financial Action Task Force (FATF), the Governor of the Central Bank further specified. The FATF decided, unanimously by its members, to remove Morocco from the gray list, during the FATF General Assembly, held in Paris, from February 20 to 24, 2023. The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society.
