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Morocco :, Ex-Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Abstract
This paper discusses Morocco’s Ex Post Evaluation of Exceptional Access Under the 2014 Precautionary and Liquidity Line (PLL) Arrangement. The case of Morocco demonstrated that with strong ownership, parsimonious conditionality can be effective in delivering on program commitments. The PLL arrangement with Morocco was successful in helping to reduce vulnerabilities. Fiscal balances improved, and the fiscal objective—a gradual reduction of the budget deficit to 3 percent of GDP by 2017—appropriately balanced the need to bring the debt-to-GDP ratio down closer to 60 percent in the medium term, while allowing for necessary investment and social spending. Going forward, to achieve higher and more inclusive growth, Morocco will require continued strong policies and accelerated fiscal and structural reforms
Table Of Contents
Cover -- CONTENTS -- INTRODUCTION AND CONTEXT -- DID THE PLL ARRANGEMENT MEET ITS OBJECTIVES? -- A. Was the Fiscal Strategy Appropriate? -- B. Did the Organic Budget Law Improve the Budget Framework? -- C. Was Growth and Employment Performance as Strong as Expected? -- D. Did the PLL Arrangement Help Improve External Competitiveness? -- CONSISTENCY WITH FUND RULES AND PRACTICES -- A. Qualification -- B. External Risks and Access -- C. Exit Strategy -- D. Focus of Conditionality -- CONCLUSIONS AND LESSONS -- BOX -- 1. Key Conclusions and Possible Lessons from the EPE for the 2012-14 PLL Arrangement -- FIGURES -- 1. Comparison of 2014 and 2016 Public DSA Risk Assessment -- 2. Real GDP Growth, 2013-16 -- 3. Selected Countries: Real GDP Growth: Projections vs. Actuals -- 4. Effective Exchange Rates -- 5. Assessing the External Balance -- 6. Share of World Exports -- 7. External Economic Stress Index -- 8. Financing Gap in Adverse Scenarios -- 9. Reaction to Reduction in Access -- 10. Projections and Outturns for Selected Indicators, 2014-16 -- TABLES -- 1. Precautionary Arrangements -- 2. Deviation from Fiscal Targets -- 3. Selected External Factors -- 4. Selected Economic Indicators -- 5. Quantitative Indicative Targets -- ANNEX -- I. Views of the Authorities
Language
eng
Literary Form
non fiction
Physical Description
1 online resource (34 pages)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781484317549

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