07926oam 22012974 450 991079115670332120230803222119.01-4983-9413-21-4983-2661-71-4983-3747-3(CKB)2550000001352333(EBL)1779696(SSID)ssj0001399015(PQKBManifestationID)11779766(PQKBTitleCode)TC0001399015(PQKBWorkID)11465184(PQKB)11466957(MiAaPQ)EBC1779696(Au-PeEL)EBL1779696(CaPaEBR)ebr10928036(CaONFJC)MIL642250(OCoLC)890530097(IMF)1MAREE2014003(IMF)1MAREA2014003(EXLCZ)99255000000135233320020129d2014 uf 0engur|n|---|||||txtccrMorocco : Request for an Arrangement Under the Precautionary and Liquidity Line and Cancellation of the Current ArrangementWashington, D.C. :International Monetary Fund,2014.1 online resource (76 p.)IMF Staff Country ReportsDescription based upon print version of record.1-4983-4814-9 1-322-10999-0 Cover; CONTENTS; CONTEXT; RECENT DEVELOPMENTS; OUTLOOK AND RISKS; FIGURES; 1. Real and External Developments; 2. Fiscal and Financial Market Developments; ECONOMIC POLICIES; A. Fiscal Policy; B. Monetary and Exchange Rate Policies; C. Financial Policies; D. Structural Reforms; PLL QUALIFICATION; A. General Assessment; BOXES; 1. Achievements under the First PLL Arrangement; B. Assessment of Specific Criteria; C. PLL Approval Criteria; ACCESS LEVEL AND DURATION; 2. Access Level; 3. Exceptional Access Criteria; IMPACT ON FUND FINANCES AND SAFEGUARDS; STAFF APPRAISAL; TABLES1. Selected Economic Indicators, 2011-192. Budgetary Central Government Finance (Billions of Dirhams), 2011-19; 3. Budgetary Central Government Finance (Percent of GDP), 2011-19; 4. Budgetary Central Government Balance Sheet, 2011-19; 5. Balance of Payments, 2011-19; 6. Monetary Survey, 2011-15; 7. Financial Soundness Indicators, 2008-13; 8. Capacity to Repay Indicators, 2013-20; 9. External Financing Requirements; 10. Proposed Access; 3. FCL/PLL Cases Compared with Distribution of Historical Shocks to Emerging Markets; ANNEX; Debt Sustainability Analysis (DSA); APPENDIXWritten CommunicationAttachment: Technical Appendix; CONTENTS; INTRODUCTION; PAST USE OF FUND RESOURCES; RISKS AND IMPACT ON FUND FINANCES; TABLES; 1. External Debt Structure, 2008-2012; FIGURES; 1. Debt Ratios for Recent Precautionary Arrangements; 2. Medium-Term BOP Ratios; 2. Probability of Drawing: External Flows, Shocks, and Reserve Adequacy; 3. Fund Credit Outstanding around Peak Borrowing; 3. Capacity to Repay Indicators; ASSESSMENT; 4. PLL Arrangement for Morocco-Impact of GRA Finances; ANNEX; I. Morocco's Relations with the FundEXECUTIVE SUMMARY Morocco’s economic track record was challenged in recent years by a series of exogenous shocks, to which the authorities responded vigorously. Facing a difficult international environment, the authorities adopted, with the support of the Fund’s Precautionary and Liquidity Line (PLL), a policy program aimed at restoring fiscal and external buffers while strengthening competitiveness and promoting higher and more inclusive growth. The program remained broadly on track and the authorities did not draw on the PLL. The outlook is improving but remains subject to significant downside risks. Growth will slow in 2014, but it is expected to accelerate over the medium term owing to structural reforms and improved global conditions. However, this outlook remains subject to major external risks. A protracted period of slower growth in Europe, a surge in global financial market volatility linked to the exit from unconventional monetary policies in large advanced economies, and higher oil prices resulting from geopolitical tensions could significantly degrade the balance of payments. The authorities are requesting a two-year successor PLL arrangement with a lower access (550 percent of quota) than the first arrangement. The current PLL has provided useful insurance against external risks while anchoring the authorities’ reform agenda and sending positive signals to markets. Given significant global risks, a successor arrangement, which the authorities intend to treat as precautionary, would continue to support their policies. The lower access reflects the strengthening of the economy in the past two years as well as a balance of risks lower than two years ago. Staff considers that Morocco continues to qualify for a PLL arrangement and recommends the approval of the authorities’ request. The proposed arrangement carries low risks to the Fund and would have minimal impact on the Fund’s liquidity were the authorities to draw on the full amount available. The authorities’ policy package provides reasonable prospects of exit at the end of this arrangement if external circumstances warrant.IMF Staff Country Reports; Country Report ;No. 2014/241Economic developmentMoroccoInternational monetary fundMoroccoBanks and BankingimfExports and ImportsimfMacroeconomicsimfMoney and Monetary PolicyimfPublic FinanceimfInternational Lending and Debt ProblemsimfDebtimfDebt ManagementimfSovereign DebtimfEnergy: Demand and SupplyimfPricesimfCurrent Account AdjustmentimfShort-term Capital MovementsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfInternational economicsimfPublic finance & taxationimfMonetary economicsimfBankingimfExternal debtimfPublic debtimfGovernment debt managementimfOil pricesimfCurrent account deficitsimfPublic financial management (PFM)imfBalance of paymentsimfDebts, ExternalimfDebts, PublicimfDebt serviceimfMoroccoEconomic policyMoroccoimfEconomic developmentInternational monetary fundBanks and BankingExports and ImportsMacroeconomicsMoney and Monetary PolicyPublic FinanceInternational Lending and Debt ProblemsDebtDebt ManagementSovereign DebtEnergy: Demand and SupplyPricesCurrent Account AdjustmentShort-term Capital MovementsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralInternational economicsPublic finance & taxationMonetary economicsBankingExternal debtPublic debtGovernment debt managementOil pricesCurrent account deficitsPublic financial management (PFM)Balance of paymentsDebts, ExternalDebts, PublicDebt service338.964DcWaIMFBOOK9910791156703321Morocco1237363UNINA