LEADER 07926oam 22012974 450 001 9910791156703321 005 20230803222119.0 010 $a1-4983-9413-2 010 $a1-4983-2661-7 010 $a1-4983-3747-3 035 $a(CKB)2550000001352333 035 $a(EBL)1779696 035 $a(SSID)ssj0001399015 035 $a(PQKBManifestationID)11779766 035 $a(PQKBTitleCode)TC0001399015 035 $a(PQKBWorkID)11465184 035 $a(PQKB)11466957 035 $a(MiAaPQ)EBC1779696 035 $a(Au-PeEL)EBL1779696 035 $a(CaPaEBR)ebr10928036 035 $a(CaONFJC)MIL642250 035 $a(OCoLC)890530097 035 $a(IMF)1MAREE2014003 035 $a(IMF)1MAREA2014003 035 $a(EXLCZ)992550000001352333 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMorocco : $eRequest for an Arrangement Under the Precautionary and Liquidity Line and Cancellation of the Current Arrangement 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (76 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-4814-9 311 $a1-322-10999-0 327 $aCover; 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; TABLES 327 $a1. 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); APPENDIX 327 $aWritten 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 Fund 330 3 $aEXECUTIVE 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. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/241 606 $aEconomic development$zMorocco 606 $aInternational monetary fund$zMorocco 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aInternational economics$2imf 606 $aPublic finance & taxation$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aExternal debt$2imf 606 $aPublic debt$2imf 606 $aGovernment debt management$2imf 606 $aOil prices$2imf 606 $aCurrent account deficits$2imf 606 $aPublic financial management (PFM)$2imf 606 $aBalance of payments$2imf 606 $aDebts, External$2imf 606 $aDebts, Public$2imf 606 $aDebt service$2imf 607 $aMorocco$xEconomic policy 607 $aMorocco$2imf 615 0$aEconomic development 615 0$aInternational monetary fund 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aInternational Lending and Debt Problems 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aInternational economics 615 7$aPublic finance & taxation 615 7$aMonetary economics 615 7$aBanking 615 7$aExternal debt 615 7$aPublic debt 615 7$aGovernment debt management 615 7$aOil prices 615 7$aCurrent account deficits 615 7$aPublic financial management (PFM) 615 7$aBalance of payments 615 7$aDebts, External 615 7$aDebts, Public 615 7$aDebt service 676 $a338.964 801 0$bDcWaIMF 906 $aBOOK 912 $a9910791156703321 996 $aMorocco$91237363 997 $aUNINA