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IMF approves $496 million for Morocco's economic resilience
The International Monetary Fund (IMF) has announced the approval of a $496 million disbursement to Morocco under the Resilience and Sustainability Facility arrangement. This marks the third tranche of funding, bringing the total disbursed to approximately $1.24 billion. The announcement highlights Morocco's economic resilience amidst ongoing challenges, including persistent drought conditions.
The IMF report underscores that Morocco's economy has demonstrated remarkable resilience, maintaining a projected growth acceleration over the medium term due to increased investments and structural reforms. The fund's statement notes that robust domestic demand has helped to mitigate the impact of weak agricultural output, with economic activity expected to slow only modestly to 3.2 percent in 2024.
Despite the broader economic challenges, including an elevated unemployment rate of around 13%, particularly in the agricultural sector, the IMF remains optimistic about Morocco's recovery. The organization anticipates a growth rebound to 3.7% in the coming years, fueled by infrastructure development and the ongoing structural reform agenda.
Key infrastructure initiatives are tied to Morocco's preparations for the 2030 World Cup, which include the construction of new stadiums and significant upgrades to transportation networks. Kenji Okamura, Deputy Managing Director and Acting Chair of the IMF, praised Morocco's economic strategies, asserting that the nation has effectively navigated adverse conditions thanks to its strong policy frameworks.
The IMF also emphasized the importance of ongoing reforms, suggesting that they are crucial for fostering inclusive growth that generates jobs and enhances economic resilience. Furthermore, the fund acknowledged Morocco's commitment to climate action, highlighting measures aimed at protecting underground water resources and enhancing regulations to promote renewable energy production within the private sector.