Morocco needs to step up structural economic reforms and maintain “sound” fiscal and monetary policies, the International Monetary Fund (IMF) said on Thursday.
Morocco, the region’s biggest energy importer, has been working with a technical mission from the IMF on liberalising its currency regime after a drop in global oil prices helped strengthen its finances.
The IMF said it supported Morocco’s plans for a more flexible currency and new policies, “which will help the economy to absorb external shocks and remain competitive.”
In July, Morocco’s central bank postponed a planned announcement of the first phase of the reform. The central bank gave no reason for the delay, but officials have since then said the government needed to further study the plan. Read more here.