The IMF has approved a $496 million disbursement to Morocco, totaling $1.24 billion since the commencement of the Resilience and Sustainability Facility. Despite challenges such as drought and a 13% unemployment rate, Morocco’s economic growth is projected to improve to 3.7% over the next few years, bolstered by infrastructure projects and structural reforms.
The International Monetary Fund (IMF) has announced the approval for Morocco to receive $496 million as the third tranche of its Resilience and Sustainability Facility. This brings the total disbursements under this agreement to approximately $1.24 billion. Despite ongoing drought conditions, Morocco’s economic resilience remains evident, according to the IMF.
The IMF forecasts an acceleration in Morocco’s economic growth in the medium term, attributing this positive outlook to increased investments and ongoing structural reforms. It noted that while agricultural output remains weak, robust domestic demand is expected to mitigate this impact, with economic growth projected to slow modestly to 3.2 percent in 2024.
The IMF has reiterated that challenges, including a 13% unemployment rate, particularly within the agricultural sector, persist. However, it anticipates that Morocco’s GDP growth will rise to 3.7% in the coming years driven by infrastructure developments, especially in preparation for the 2030 World Cup.
Major infrastructure projects will focus on building new stadiums, renovating existing ones, and significantly enhancing roadway and railway systems. Kenji Okamura, the IMF’s Deputy Managing Director, praised Morocco’s economic framework, emphasizing its ability to withstand negative shocks.
In conclusion, the IMF’s approval of $496 million for Morocco highlights the country’s economic resilience in challenging conditions. With expected growth driven by investments and structural reforms, Morocco looks forward to tackling unemployment and advancing significant infrastructure projects, particularly in preparation for global events like the 2030 World Cup. The ongoing commitment to climate efforts further strengthens Morocco’s economic prospects.
Original Source: www.moroccoworldnews.com
