Morocco applies for $5 bil IMF loan, likely to get the loan

Posted On 9 March 2023

Number of times this article was read : 518
The North Africa Journal's WhatsApp Group

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.

Other Articles in this Week's Issue<< Maghreb competition: The ridiculous debate over who should claim ownership of the Haiek veilRome and Rabat in talks to extradite thousands of Moroccans jailed in Italy >>
The North Africa Journal's WhatsApp Group
.

Most Recent Stories from the Region

Brief: Fifteen Migrants Found Dead in a Boat off the Coast of Nouadhibou, Mauritania

Mauritanian authorities discovered a boat near Nouadhibou carrying 39 migrants, including nine deceased and ten in critical condition. Survivors, primarily from Senegal and Mali, reported that fifteen migrants died from exhaustion, though not all bodies were found. The deceased were buried by local authorities. Mauritania has become a key transit point for African migrants attempting to reach Europe via the Canary Islands.

Mali Keeps Pressuring Algeria, Accusing it of Interference

Mali has accused Algeria of interference and supporting terrorist groups after top Algerian diplomat criticized its counter-terrorism strategy. Bamako alleges Algeria maintains ties to insurgent groups, a reference to the Toureg tribes, 

Written by The North Africa Journal

The North Africa Journal is a leading English-language publication focused on North Africa. The Journal covers primarily the Maghreb region and expands its general coverage to the Sahel, Egypt, and beyond, when events in those regions affect the broader North Africa geography. The Journal does not have any affiliation with any institution and has been independent since its founding in 1996. Our position is to always bring our best analysis of events affecting the region, and remain as neutral as humanly possible. Our coverage is not limited to one single topic, but ranges from economic and political affairs, to security, defense, social and environmental issues. We rely on our full staff analysts and editors to bring you best-in-class analysis. We also work with sister company MEA Risk LLC, to leverage the presence on the ground of a solid network of contributors and experts. Information on MEA Risk can be found at www.MEA-Risk.com.

Pin It on Pinterest

Share This