The IMF has disbursed $496 million to Morocco, totaling approximately $1.24 billion under the Resilience and Sustainability Facility. Morocco’s economy shows resilience despite drought, with projections for growth to accelerate to 3.7% in the coming years due to infrastructure projects and reforms. Unemployment remains a challenge, while robust domestic demand supports stability.
The International Monetary Fund (IMF) has approved a $496 million disbursement to Morocco as part of the Resilience and Sustainability Facility arrangement. This tranche brings the total funding provided to approximately $1.24 billion. The statement emphasized Morocco’s economic resilience amid ongoing drought conditions, suggesting an optimistic outlook for growth stemming from increased investments and structural reforms.
IMF projections indicate that Morocco’s economic growth may accelerate to 3.7% in the coming years, driven largely by infrastructure projects tied to the national preparations for the 2030 World Cup. These projects encompass not only the construction and renovation of stadiums but also significant enhancements in roadway and railway infrastructure.
Despite an expected modest slowdown in GDP growth to around 3.2% in 2024, down from 3.4% in 2023, the IMF noted that robust domestic demand is supporting economic stability. Challenges remain, particularly with unemployment rates around 13%, primarily impacting the agricultural sector.
Kenji Okamura, Deputy Managing Director and Acting Chair of the IMF, commended Morocco’s resilience to adverse conditions, attributing this to strong economic policies and frameworks. He emphasized the importance of ongoing reforms to facilitate stronger, more resilient, and inclusive economic growth. Additionally, Morocco’s efforts to safeguard climate resilience include measures aimed at protecting underground water resources and enhancing regulations for renewable energy production.
In conclusion, the IMF’s approval of a $496 million disbursement reflects Morocco’s economic resilience during challenging times. The projected growth rate of 3.7% in the coming years indicates a positive outlook, supported by substantial investments in infrastructure and ongoing reforms. However, Morocco must continue to address unemployment and agricultural challenges to ensure sustained economic progress.
Original Source: www.moroccoworldnews.com
