Washington – The Executive Board of the International Monetary Fund (IMF) concluded the first review of Morocco’s economic performance under a program supported by a 24-month Precautionary Liquidity Line (PLL) arrangement.“Despite headwinds from external environment, decisive policy action by the authorities has helped in rebalancing Morocco’s economy and in reducing fiscal and external vulnerabilities”, Naoyuki Shinohara, IMF Deputy Managing Director and Acting Chair of the Board, said following the Executive Board discussion on Morocco. He also noted that “significant external risks remain and sustained implementation of reforms is essential to consolidate gains in macroeconomic stability and foster higher and more inclusive growth”. The PLL was approved in July 2014 in an amount equivalent to US$5 billion. The access under the arrangement in the first year will be equivalent to about US$4.5 billion, rising in the second year to a cumulative US$5 billion. Morocco’s first 2-year PLL arrangement was approved on August 2, 2012. The PLL was introduced in 2011 to meet more flexibly the liquidity needs of member countries with sound economic fundamentals and strong records of policy implementation but with some remaining vulnerabilities.