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Morocco; Second Review under the Precautionary and Liquidity Line


  • International Monetary Fund


This paper highlights Morocco’s Second Review Under the Precautionary and Liquidity Line. The IMF report analyzes that the 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework. Core inflation has remained low while the unemployment rate remained about 9 percent. After worsening in 2012, the current account has been improving in 2013, while reserves have stabilized at about four months of imports. Liquidity conditions have remained tight, and credit growth has continued to decelerate, driven by both supply and demand factors.

Suggested Citation

  • International Monetary Fund, 2013. "Morocco; Second Review under the Precautionary and Liquidity Line," IMF Staff Country Reports 13/302, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:13/302

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    References listed on IDEAS

    1. Jacek Osinski & Katharine Seal & Lex Hoogduin, 2013. "Macroprudential and Microprudential Policies; Toward Cohabitation," IMF Staff Discussion Notes 13/5, International Monetary Fund.
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    Morocco; current account; external debt; current account deficit; budget law; debt sustainability;

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