Assahafa.com
The head of the International Monetary Fund (IMF) mission in Morocco, Laura Jaramillo, commended, on Thursday in Rabat, Morocco’s significant progress in fiscal reforms and administrative modernization.
“Moroccan authorities are beginning to reap the rewards of several years of effort, thanks to reforms in VAT and corporate tax, and digitization,” Jaramillo said at a press briefing, following a visit by an IMF team from January 29 to February 11 as part of the 2026 Article IV consultations with Morocco.
In this vein, she noted that these advances, which have led to exceptional growth in public revenues, should help sustain the positive revenue momentum.
Regarding outlook, the IMF projects Morocco’s economic growth at 4.9% in 2026, driven by public and private investment and solid agricultural output following exceptional rainfall. She added that the climate risk linked to drought appears less pronounced in the short term.
However, Jaramillo pointed to external risks, particularly volatility in commodity and oil prices, as well as the economic slowdown in the eurozone, Morocco’s main partner, which could lead to a decline in foreign direct investment (FDI) and exports.
At the same time, the institution is encouraging Bank Al-Maghrib (BAM) to continue its transition toward an inflation targeting regime, with a pilot phase planned for 2026 and implementation in 2027.
This shift, she said, should be accompanied by greater exchange rate flexibility and clear communication on the transition process.
On public finances, the IMF official indicated that Morocco’s debt remains sustainable, with moderate sovereign risk, and that its trajectory should allow for a gradual rebuilding of fiscal buffers over the medium term.
Concerning pensions, the institution welcomes opening dialogue between stakeholders and underscores the need to ensure the financial sustainability of the system, she said.
She further highlighted unemployment, particularly among young people, as a key challenge, recommending a stronger role of the private sector, continuing to enhance technical assistance and access to finance for micro, small, and medium-sized enterprises (MSMEs), and better alignment of training to market needs.
On the climate front, she commended measures undertaken to reinforce resilience to the effects of climate change, particularly drought, through the establishment of desalination infrastructure and better water resource management.
During its mission to Morocco, the IMF delegation held discussions with senior officials from the Moroccan government, Morocco’s Central Bank BAM, and representatives from the public and private sectors.
Source: map
