One-and-a-half months ago, Abdellatif Zuhri Wali of the bank’s Al-Maghrib (PAM) announced that it had already pledged Morocco’s currency mattress, which already covers more than 7 months of imports. In particular, within the framework of the IMF planned STR (Special Drawing Rights) release.
In fact, as part of its support for global recovery efforts, the state could demand 0.19% of the new public allocation equivalent to the $ 650 billion approved by the International Monetary Fund (IMF) Governing Council. It is still mired in an unprecedented epidemic crisis. “This is a historic decision: the largest allocation of SDRs in IMF history and a new breath to the world economy at this time of unprecedented crisis. This SDR allocation will benefit all member states, meet global demand for long-term survival, increase confidence and strengthen the resilience and stability of the global economy.IMF Managing Director Kristalina Georgieva said.
For his part, Abdellatif Jouhri announced in July, at the end of the second quarter meeting of the PAM Board for 2021, ” These SDR allocations are included at the level of PAM’s external assets, but they are also recorded as long-term obligations, which the central bank uses to strengthen its reserves, neutralize against currencies and finance its expenses. “. The increase in IMF reserves will benefit all its member states, including Morocco, which may demand an estimated amount of about $ 1.2 billion, setting its IMF allocation at 0.19%.
Today, from Monday, August 23, 2021, the allocation of this financial fall will take place and the Kingdom should benefit from the new entry of currencies into the framework provided by the IMF. Billion, or more than MAD 10 billion. This financial collapse could strengthen the resilience of foreign currency reserves to 328.5 billion dirhams (billion dirhams) by the end of 2021 and 338.6 billion dirhams by the end of 2022, or more than 7 months of imports. Goods and services according to figures provided by Bank Al-Maghrib. To the technology of the matter, according to experts, the SDR allocation does not increase the burden of a country’s public debt.
Allocated SDRs strengthen the country’s official reserves by increasing its SDR reserves. In return, the SDR dedicated to the IMF on the Central Bank’s balance sheet liabilities page. Icing on the cake, except in the event of an unprecedented cancellation of the SDR allocation, member states are not required to return the SDRs allocated to them. Emerging and developing countries, including low-income countries, will receive about $ 275 billion (or about SDR 193 billion) from the new allocation.
Historically, Morocco has been set as an example in managing the health crisis. The state has already released several indications of recovery, which has received growth forecasts for 2021. Because further strengthened by the allocation of SDRs by these convenient currencies, Morocco can move forward firmly towards the consolidation of its economy. Ensuring funding for recovery and large-scale infrastructure projects.