IMF hails Morocco's sound macroeconomic policies, reforms

RABAT, Dec. 15 (Xinhua) -- The International Monetary Fund (IMF) commended Morocco for its sound macroeconomic policies and reforms, local media reported Friday.

Citing a statement by IMF issued after its delegation's visit to Morocco, Le360.ma news site said Economic reforms undertaken by Morocco have helped improve the resilience of its economy, upgrade the fiscal and financial policy frameworks, and increase economic diversification.

IMF also underscored the need to maintain sound fiscal and monetary policies, step up structural reforms and strengthen the social safety net to consolidate the gains.

It also called on Morocco to continue efforts to strengthen the business environment by better governance, improved education and vocational training.

IMF highlighted its support to Morocco's intention to move to a more flexible exchange rate and a new monetary policy, which will help the economy to absorb external shocks and remain competitive.

Morocco's central bank announced earlier that the first step to float the currency would start in July. However, the Moroccan government decided to delay the move, saying studies are being carried out to ensure enough time for the decision to take effect and to better understand "its impact on the economy and, in particular, on the purchasing power of citizens."

IMF said Morocco's economic growth is expected to reach 4.4 percent in 2017, mostly driven by a significant rebound in agricultural activity while non-agricultural activity remains subdued. Enditem