Morocco: 2026 Article IV Consultation and Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Morocco

The 2026 Article IV Consultation highlights that the Moroccan economy continued to demonstrate strong resilience. Agriculture, construction, and tourism boosted economic activity in 2025. The growth momentum is projected to remain strong in 2026 and over the medium term, supported by public and private infrastructure investment. Morocco continues to meet the qualification criteria for the Flexible Credit Line (FCL) arrangement. Morocco has a sustained track record of implementing very strong macroeconomic policies and remains committed to maintaining such policies in the future, and continues to have very strong economic fundamentals and institutional policy frameworks. The authorities intend to continue treating the FCL arrangement as precautionary and to gradually exit it, depending on the evolution of external risks. Boosting sustainable job creation is a major challenge that requires a more dynamic private sector, improved responsiveness of the labor market, and continued reforms of state-owned enterprises to ensure market neutrality between the public and private sectors.