IMF report: Moroccan economy largely unaffected by global downturn

According to a report by the International Monetary Fund, published on Tuesday, the Moroccan economy remains in good shape despite the current economic turmoil affecting many parts of the world.

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The IMF report stated that with stronger public finances, a more diversified economy and a sound financial sector, there is no reason why Morocco cannot continue with its economic progress.

The report stressed that in recent years Morocco has made major progress with increased economic growth which has strengthened the economy’s resilience to global setbacks. The report stated that these gains reflected continuing structural reforms, sound macro-economic policies and good opportunities provided by globalization.

“Robust tourism receipts and remittance flows have mostly offset the negative trade balance, and with strong capital flows, external reserves rose from $22 billion at end-2006 to $26.5 billion at end-May 2008, equivalent to 6.4 months of 2009 imports of goods,” the report added.

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18th September 2008