The International Monetary Fund (IMF) on Wednesday approved a new flexible credit line (LCM) of $4.5 billion over two years for Morocco, replacing the previous agreement. The Moroccan government intends to use this facility as a preventive measure to strengthen its external reserves in the face of economic risks.

The Kingdom, by obtaining a flexible credit facility of up to 4.5 billion dollars, with no immediate intention of using it, is strengthening its resilience in the face of shocks and consolidating its image as a reliable and reforming partner. “In a very uncertain environment, the agreement will strengthen Morocco's external reserves and provide insurance against downside risks. The authorities intend to consider the new agreement as a precautionary measure,” the IMF said.