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Thursday, May 30, 2024

Line of Credit of 5 Bln Dollars Granted to Morocco Denotes Trust of International Institutions in Strength of National Economy (Official)

The credit line of 5 billion dollars granted to Morocco denotes the confidence of international institutions in the soundness of the national economy, stressed, Thursday in Rabat, the Minister Delegate in charge of Relations with Parliament, Government Spokesman, Mustapha Baitas.

In response to questions from journalists at a press briefing held after the weekly meeting of the Council of Government, Baitas said that Morocco has obtained this important line of credit through the reforms it has undertaken, noting that it will be intended, if necessary, to accompany these reforms at the socio-economic level.

This line of credit is granted only to countries that have very solid economic and macroeconomic foundations, which is “an indicator of the confidence that Morocco enjoys in international institutions, as well as trust in the solidity of the foundations of the national economy and in the management of various crises by the government, he explained, recalling the report of Standard & Poor’s which looked at the management of all the crises that Morocco has gone through, especially the recent crisis related to price fluctuations, and the promising prospects for the development of the national economy.

In this regard, the government spokesman said that several institutions have spoken in favor of Morocco, highlighting four key steps, including the exit of Morocco from the gray list of the Financial Action Task Force (FATF), which was the result of this tremendous work, in addition to another effort related to issues related to the fight against terrorism and money laundering.

The opening of the Moroccan government on the international market to obtain an amount of three billion dollars, while the offer received by the Kingdom amounted to about 11 billion dollars, shows that the reforms initiated by Morocco are at the center of interest of the parties concerned, noted Baitas, citing the report of Standard & Poor’s published a few days ago, which gives a stable outlook on Morocco and highlights the set of reforms undertaken by the Kingdom, and which were highly praised by these institutions.

Unlike previous lines of credit, this new line of credit comes in a difficult international economic environment, which reflects the enormous reforms undertaken by the Kingdom, said the Minister, adding that notwithstanding the difficulties related to cyclical fluctuations, the national economy has shown great resilience.

These international institutions have presented four favorable opinions in record time, a factor that foreign investors take into account, said Baitas.

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