In a note published on Monday the 12th of March, the International Monetary Fund (IMF) issued its third review under the arrangement under the Precautionary and Liquidity Line (PLL), conducted by the IMF Executive Board. In its review the international organization headquartered in Washington insisted that the «macroeconomic vulnerabilities in Morocco have declined since 2012, but growth remains subdued and sensitive to volatile agricultural output». According to IMF external imbalances in Morocco are contained while fiscal consolidation resumed in 2017 after a pause in 2016. When it comes to job creation, the organization stresses that the situation «has improved but unemployment remains high, particularly among the youth». However, it pointed out that social tensions marked 2017 and the authorities met them with social programs and investment projects. «To achieve higher, sustainable, and more inclusive growth, reform implementation needs to accelerate, particularly in the areas of governance, the business environment, education, and the labor market», concluded the review that contained a statement by the Executive Director for Morocco. For the record, the PLL program is set to provide financing, help resolve crises, and serve as insurance for countries. The PLL arrangement which lasted from 2014 to 2016 has succeeded in supporting the «authorities' reform program, providing them with a backstop against potential exogenous shocks».
