Morocco eyes IMF deal on new credit line by end of year

Morocco expects to reach an agreement with the IMF for a Precautionary and Liquidity Line (PPL) by the end of 2018, the economy and finance minister said on Tuesday.

Mohamed Benchaaboun did not specify the amount but said at a news conference that the ministry has already requested the IMF`s PLL.

In 2016, the IMF granted Morocco a two-year, $3.5 billion credit line for Morocco to give its foreign lenders, investors and rating agencies reassurance over the country’s economic policies, allowing it to tap international capital markets at favourable borrowing terms.

In January officials had said they would negotiate a new agreement without giving details.

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