Morocco is one of the countries most cooperative with the International Monetary Fund and benefiting from its continuous loans, as it obtained during the period (2012-2021) five loans totaling about $21 billion, the last of which was a loan of $3.2 billion to face the repercussions of the Corona crisis, which caused an economic downturn. By 6.3% last year, compared to a growth of 2.6% in 2019. This is taking into account the impact on tax revenues as a result of the sudden cessation of activity during the quarantine period, the mobilization of exceptionally important revenues within the framework of the special fund to combat this epidemic, and the progress made in the campaign Vaccination, easing health restrictions.
And if the repercussions of Corona impeded the implementation of the “floating” of the exchange rate of the dirham, which the IMF was rushing Morocco to achieve, as one of its most important conditions, but at the same time it was betting on the ability of the Moroccan economy to recover, starting from a growth of 4.5% this year, in light of Positive forecasts for the agricultural season. Knowing that the treasury revenues in the first half recorded a deficit of 2.8 billion dollars.
Despite the negative impact of the repercussions of Corona, Morocco was able to achieve progress towards the 53rd place in the “Doing Business 2020” index, issued by the World Bank, and the third place in the Middle East and North Africa region, after the UAE and Bahrain. He is looking forward to entering the list of the top 50 global economies, based on his continuous endeavor to enhance the investment climate within the framework of the mission of the “Mohammed VI Investment Fund”, which aims to advance the capabilities of the economy by supporting productive sectors, and financing and accompanying major projects in a joint investment between the public and private sectors.
Since the reform of the exchange rate system aims to enhance the Moroccan economy’s ability to absorb external shocks and support its competitiveness, and thus contribute to its growth, the International Monetary Fund renewed its advice to accelerate the stages of “floating” the dirham, after Morocco succeeded in completing the first stage in January 2018, by expanding The price fluctuated by a margin of 2.5%, then raised it in the second stage in March 2020 to 5%.
A writer specializing in economic issues