July 5, 2022

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Morocco wants to attract $ 1.2 billion in funding from the IMF

The bank’s al-Maghrib, SDR allocation aims to provide cash flow and replenish the official reserves of member states during the 2009 global financial crisis.

He said the allocation proposal should be approved by the board of governors with a majority of 85% of the total voting rights, which would then be distributed to members at the IMF in proportion to their allocation. Morocco shares 0.19%. As a result, Morocco was allocated $ 1.2 billion.

“These SDR allocations are included at the level of PAM’s external assets, but they are also recorded as long-term obligations, allowing the central bank to strengthen its reserves, arbitrate against currencies and use it to finance its expenses,” he said at the end of the second quarter meeting of the BAM Board for 2021.

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One of the ways the IMF has explored ways to overcome economic inequality is to voluntarily transfer STRs from rich countries to poorer countries. One of the key options is to convert SDRs to the Poverty Alleviation and Development Foundation Fund (RPC Foundation Fund), which will increase lending to low-income countries.

This allocation of SDRs fuels foreign exchange reserves, which helps to strengthen the firm confidence of the Moroccan currency ecosystem. MAP Mehdi El Fakir, an economist, creates liaison accounts between international central banks and the IMF. The stronger this relationship is, the better Morocco will have access to IMF funding.

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