Suchergebnisse

Cover -- CONTENTS -- Glossary -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICIES UNDER THE PLL ARRANGEMENT -- A. Macro-Financial Resilience -- B. Public Sector Governance -- C. Growth and Inclusion -- ASSESSMENT OF QUALIFICATION -- A. General Assessment -- B. Assessment of Specific Criteria -- C. PLL Approval Criteria -- DURATION AND ACCESS LEVEL -- CAPACITY TO REPAY THE FUND -- STAFF APPRAISAL -- BOXES -- 1. Achievements Under the Third PLL Arrangement -- 2. External Economic Stress Index -- 3. Access Level -- FIGURES -- 1. Real Developments -- 2. Fiscal Developments -- 3. Financial Sector Developments -- 4. External Developments -- 5. Structural Reforms -- 6. Morocco and Selected Countries: Comparing Adverse Scenarios -- TABLES -- 1. Selected Economic Indicators, 2015-23 -- 2a. Budgetary Central Government Finance, 2015-23 (Billions of dirhams) -- 2b. Budgetary Central Government Finance, 2015-23 (Percent of GDP) -- 3. Balance of Payments, 2015-23 -- 4. Monetary Survey, 2015-18 -- 5. Capacity to Repay Indicators, 2018-23 -- 6. External Financing Requirements and Sources, 2017-20 -- 7. Impact on GRA Finances -- 8. Financial Soundness Indicators, 2015-18 -- ANNEXES -- I. Public Debt Sustainability Analysis (DSA) -- II. External DSA -- APPENDIX -- Written Communication -- Attachment. Technical Appendix

Cover -- CONTENTS -- Glossary -- A MORE RESILIENT ECONOMY FACING SIGNIFICANT RISKS -- A. Recent Developments -- B. Outlook and Risks -- SAFEGUARDING MACRO STABILITY -- A. Fiscal Policy -- B. Exchange Rate Policy -- C. Financial Sector Policy -- RAISING GROWTH AND INCLUSION -- A. Public Sector Governance and Efficiency -- B. Private Sector and SME Development -- C. Reducing Inequalities -- STAFF APPRAISAL -- BOXES -- 1. Exchange Rate Transition and Foreign Exchange Market Deepening -- 2. Morocco's Privatization Program -- 3. Promoting Job-Rich Growth Through Well-Sequenced Structural Reforms -- FIGURES -- 1. Real Sector Developments, 2009-19 -- 2. Fiscal Developments, 2009-19 -- 3. Financial Developments, 2009-19 -- 4. External Developments, 2009-19 -- 5. Structural Reforms -- TABLES -- 1. Risk Assessment Matrix -- 2. Selected Economic Indicators 2015-24 -- 3a. Budgetary Central Government Finance, 2015-24 (Billions of dirhams) -- 3b. Budgetary Central Government Finance, 2015-24 (Percent of GDP) -- 4. Balance of Payments, 2015-24 -- 5. Monetary Survey, 2015-19 -- 6. Financial Soundness Indicators, 2015-18 -- 7. Capacity to Repay Indicators, 2018-25 -- 8. Inclusive Growth Indicators -- 9. FSAP Key Recommendations-Status as of March 2019 -- ANNEXES -- I. Implementation of Past Fund Advice -- II. External Sector Assessment -- III. Public Debt Sustainability Analysis (DSA) -- IV. External Debt Sustainability Analysis (DSA) -- V. Financial Development and Inclusion in Morocco.

Cover -- CONTENTS -- CONTEXT AND RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- PLL QUALIFICATION AREAS -- A. General Assessment -- B. Assessment of the Specific Areas -- OTHER PROGRAM ISSUES -- STAFF APPRAISAL -- BOX -- 1. External Stress Index -- FIGURES -- 1. Real and External Developments -- 2. Fiscal and Financial Market Developments -- TABLES -- 1. Selected Economic Indicators, 2012-20 -- 2. Budgetary Central Government Finance, 2012-20 -- 3. Budgetary Central Government Finance, 2012-20 -- 4. Balance of Payments, 2012-20 -- 5. Monetary Survey, 2011-15 -- 6. Financial Soundness Indicators, 2008-14 -- 7. Capacity to Repay Indicators, 2014-20 -- ANNEXES -- I. 2015 FSAP Update: Preliminary Findings -- II. Public Debt Sustainability Analysis (DSA) -- APPENDIX -- Written Communication.

EXECUTIVE SUMMARYMorocco's economic track record was challenged in recent years by a series ofexogenous shocks, to which the authorities responded vigorously. Facing a difficultinternational environment, the authorities adopted, with the support of the Fund'sPrecautionary and Liquidity Line (PLL), a policy program aimed at restoring fiscal andexternal buffers while strengthening competitiveness and promoting higher and moreinclusive growth. The program remained broadly on track and the authorities did notdraw on the PLL.The outlook is improving but remains subject to significant downside r