IMF Head: Morocco only country eligible for flexible credit line in MENA region

Speaking at the IMF Spring Meetings in Washington D.C., the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, noted that Morocco is the only country in the MENA region eligible for the IMF’s Flexible Credit Line (FCL). Morocco has an FCL of $4.5 billion that was renewed earlier this month by the IMF and is viewed as a precautionary measure. The IMF’s Deputy Managing Director, Kenji Okamura, said that “the recent bond issuance in the international capital markets at very favorable terms is a testament of the authorities’ very strong track record,” noting that “the new FCL arrangement will continue to be instrumental in supporting Morocco’s commitment to such strong policies and reforms.”