Morocco to consider IMF credit line to navigate coronavirus crisis

Morocco is considering using a $3 billion liquidity line from the International Monetary Fund to navigate the drawbacks of the coronavirus outbreak, two people familiar with the matter told Bloomberg.

According to the same source, the move means that the Kingdom will seek more in international borrowing than what it set up for the year 2020. Indeed, on Monday, the Moroccan government agreed on a decree that allows the country to increase its international funding cap.

To overcome the crisis caused by the outbreak and drought, the Kingdom might consider other foreign borrowing options, the same source concluded.