Morocco’s relationship with IMF is constructed on sturdy mutual respect
Fouzi Lekjaa, Minister Delegate for the Budget underneath the Ministry of Economy and Finance, pushed again in opposition to claims by Fatima Tamani, a parliamentary consultant from the Democratic Left Federation, throughout a session on amendments to the 2025 Finance Bill within the Finance and Economic Development Committee.
Tamani had steered that “Morocco is taking orders from the International Monetary Fund IMF,” however Lekjaa countered, stating that “Morocco’s relationship with the IMF is built on strong mutual respect and firmly upholds Morocco’s sovereignty.”
He famous that the function of this worldwide establishment is “to provide a clear picture of countries engaged in international financial cooperation, something we also prioritize at the national level.”
The Minister Delegate for the Budget emphasised that the IMF “tends to have closer relations with countries that need a structural adjustment program, as is the case with many neighboring countries.”
He added, “it makes it clear that continued cooperation with these countries involves working together to create a program that directs public spending.”
Lekjaa acknowledged, “Morocco is not currently at a stage that requires such a program,” emphasizing that there’s a sturdy, respectful relationship between Morocco and the IMF,”
He added that “thanks to the country’s overall stability, the clear leadership of the King, and its steady progress, Morocco has secured a $5 billion flexible credit line (51 billion MAD).”
The Minister stated, “this is a rate you won’t find anywhere else,” explaining that Morocco has not used it thus far, and it renews each two years.
He added, “this has kept us insulated from the kind of relationship that some countries have with the IMF or are subject to.”
Lekjaa emphasised, “Morocco has full sovereignty, and it doesn’t take orders from anyone,” noting that “this sovereignty is reflected in the joint will of the government and parliament. If we decide to make any changes to the 2025 Finance Bill, the IMF or anyone else won’t interfere. We need to be clear and straightforward about these issues.”
He added that “Morocco is a world away from those kinds of relationships driven by outside orders, even those that require urgent and necessary measures. Anyone who lived through the 1980s will remember that time,” referring to the interval when Morocco, underneath the late King Hassan II, struggled with overwhelming debt, resulting in the implementation of a structural adjustment program in 1983, in settlement with the IMF.
It’s value noting that since 2012, Morocco has had entry to a $3 billion Precautionary and Liquidity Line, which was renewed 4 occasions earlier than being utilized in 2020 to assist mitigate the social and financial affect of the COVID-19 pandemic and make sure the nation maintained adequate official reserves to ease stress on its steadiness of funds.
