Rabat – The International Monetary Fund (IMF) on Wednesday welcomed Morocco’s economic measures amid the soaring energy prices.
In a press briefing, Jihad Azour, director of the MENA department at the IMF, said that the Moroccan government is undertaking a set of measures, notably in the transportation sector to alleviate the impact and pressure of the recent increase in prices.
As well as aiming to renovate social policy to rebound the economic sectors affected by the health crisis, including the airline industry and automotives, Azour noted, the measures are deployed to “provide more support and alleviate the COVID-19 impact on some social categories.”
Morocco experienced this year one of its most severe droughts amid increasing global food and fuel prices caused by the Ukrainian war.
This has significantly impacted Morocco’s agricultural season as the country has recorded a 70% drop in wheat production.
All these factors have prompted the IMF to lower its growth projection for the Moroccan economy to 1.1% in 2022, the global financial institution noted in its statement.
The institution had projected in a previous forecast a 3% economic growth for Morocco.
The IMF Director for the MENA region stressed that Morocco has seen the fastest economic recovery in the region despite being heavily affected by the pandemic.
Azour noted that the recovery is the result of “important measures undertaken by the Moroccan government.”
“Morocco was one of the first countries in the region to successfully complete its vaccination campaign,” he concluded.
Report from the World Health Organization (WHO) shows that Morocco is among the only five African countries that succeeded in vaccinating at least 40% of their populations by the end of 2021.
The global health institute has set a new target for countries with an aim to vaccinate 70% of their populations by mid-2022.
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