The IMF chief will be in Morocco for four days to discuss the North African country’s economic outlook and reforms.
Rabat – Managing director of the International Monetary Fund (IMF) Kristalina Georgieva is full of praise for Morocco’s reforms, even as she highlights some persisting challenges for the country’s economy.
In an interview with Morocco’s state-owned Maghreb Arab Press (MAP), the IMF chief said Morocco made progress in creating an appropriate atmosphere for “higher and more inclusive growth” despite challenges.
The statement comes ahead of the IMF chief visit to Morocco expected next week from February 17-20.
Of Morocco’s recent economic reforms, Georgieva said, “economic resilience has been reinforced and growth is expected to accelerate gradually over the medium term.”
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She noted, however, that sustained reforms will be needed as economic growth is currently below 3%.
The IMF chief, who will visit Morocco for the first time after taking up office, also described Morocco as a model of true cooperation between the IMF and its members with “close engagement through a precautionary facility.”
She said that the IMF strongly support its partners in the government to “prioritize social including education reforms in fiscal decentralization and other measures for more private sector-led inclusive and job-rich growth.”
She said that reforms in Morocco will be important to raise the country’s growth potential.
“The government’s efforts will also require stepped up tax reforms following the 2019 national tax conference, continued progress toward a flexible exchange rate regime to limit the potential impact of external shocks on the economy, and further improvements to the coordination and targeting of social programs,” she said.
Marrakech will host the 2021 IMF-World Bank Annual Meetings.
The IMF chief said that the Annual Meetings will serve as an important platform for Morocco and IMF to give their cooperation a boost.
“Your country is an increasingly important economic player and a gateway to Africa and the Middle East. We are grateful it has kindly agreed to host this gathering,” she said
