Maghreb Edition

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

Posted On 9 March 2023

Number of times this article was read : 1001
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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.

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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.