IMF credit line a possibility for Morocco as virus slams economy

INTERNATIONAL – Morocco is considering tapping at least part of an about $3 billion liquidity line with the International Monetary Fund, as the coronavirus outbreak forces authorities to scrap a cap on foreign borrowing, two people familiar with the matter said.
If taken, the move would be the first time the North African kingdom has sought to draw funds from the credit line since the arrangement was struck with the IMF in 2012. Morocco, which had initially budgeted $3 billion in international borrowing for 2020, may now seek double that figure, the people said.
The government on Monday approved a decree to lift the overseas funding cap, saying it would help Morocco cover its foreign-currency needs.

Source: iol.co.za