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IMF maintains 3.47 bln USD PLL deal for Morocco

Xinhua, May 15, 2017 Adjust font size:

The International Monetary Fund (IMF) has decided to maintain its 3.47 billion U.S. dollars' worth of Precautionary and Liquidity Line (PLL) for Morocco, local media reported on Monday.

The IMF's executive board completed the first review under the PLL Arrangement and reaffirmed Morocco's continued qualification for the PLL, Morocco's leading financial daily l'Economiste said.

In July 2016, IMF approved the two-year PLL arrangement for Morocco to withstand external risks and support the country's program to rebuild fiscal and external buffers and promote higher and more inclusive growth.

l'Economiste praised Morocco's solid macroeconomic performance in recent years, saying improving the business climate and governance, competitiveness, access to finance, and labor market policies will be essential to increase potential growth and reduce persistently high unemployment levels.

Morocco's first PLL arrangement of 6.21 billion dollars was approved on Aug. 3, 2012, while the 24-month second of about 5 billion dollars was on July 28, 2014. Endit