RABAT, Morocco – The International Monetary fund has announced a new, two-year $5 billion credit line for Morocco to support reform efforts.
The new support follows up on an earlier two year credit agreement approved in 2012 to protect Morocco from shocks of the global economic crisis as it struggled in the aftermath of the Arab Spring.
While largely spared the unrest that swept the rest of North Africa, Morocco's economy depends heavily on Europe which has suffered from the global crisis.
The IMF statement released late Monday described Morocco's economic fundamentals as "sound" with solid performance despite external challenges.
Following a reasonably strong growth of 4.4 percent in 2013, the economy is projected to grow by 2.5 percent in 2014 because of poorer agriculture output.