IMF welcomes Morocco's intention to purchase part of the PLL arrangement

The Executive Board of the International Monetary Fund (IMF) announced that the Moroccan authorities intend to purchase soon part of the amount purchased under the PLL arrangement.

«Directors noted that the decision to draw on the Precautionary and Liquidity Line (PLL) arrangement in April 2020 has helped ease external financing pressures and to maintain official reserves at an adequate level», IMF wrote in a statement.

To the agency, «this may make post-program monitoring no longer necessary. Directors looked forward to continued close Fund engagement with the authorities».

Directors also welcomed the exceptional measures adopted by Bank Al-Maghreb «to smooth the impact of the pandemic on financial markets and the real economy».

«The monetary policy stance would need to remain accommodative until inflationary pressures reemerge», they added.

The statement also recalled that on December 18, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Morocco.