Fouzi Lekjaa, Minister Delegate for the Budget under the Ministry of Economy and Finance, pushed back against claims by Fatima Tamani, a parliamentary representative from the Democratic Left Federation, during a session on amendments to the 2025 Finance Bill in the Finance and Economic Development Committee.
Tamani had suggested that “Morocco is taking orders from the International Monetary Fund IMF,” but Lekjaa countered, stating that “Morocco’s relationship with the IMF is built on strong mutual respect and firmly upholds Morocco’s sovereignty.”
He noted that the role of this international institution is “to provide a clear picture of countries engaged in international financial cooperation, something we also prioritize at the national level.”
The Minister Delegate for the Budget emphasized that the IMF “tends to have closer relations with countries that need a structural adjustment program, as is the case with many neighboring countries.”
He added, “it makes it clear that continued cooperation with these countries involves working together to create a program that directs public spending.”
Lekjaa stated, “Morocco is not currently at a stage that requires such a program,” emphasizing that there is a strong, respectful relationship between Morocco and the IMF,”
He added that “thanks to the country’s overall stability, the clear leadership of the King, and its steady progress, Morocco has secured a $5 billion flexible credit line (51 billion MAD).”
The Minister said, “this is a rate you won’t find anywhere else,” explaining that Morocco has not used it so far, and it renews every two years.
He added, “this has kept us insulated from the kind of relationship that some countries have with the IMF or are subject to.”
Lekjaa emphasized, “Morocco has full sovereignty, and it doesn’t take orders from anyone,” noting that “this sovereignty is reflected in the joint will of the government and parliament. If we decide to make any changes to the 2025 Finance Bill, the IMF or anyone else won’t interfere. We need to be clear and straightforward about these issues.”
He added that “Morocco is a world away from those kinds of relationships driven by outside orders, even those that require urgent and necessary measures. Anyone who lived through the 1980s will remember that time,” referring to the period when Morocco, under the late King Hassan II, struggled with overwhelming debt, leading to the implementation of a structural adjustment program in 1983, in agreement with the IMF.
It’s worth noting that since 2012, Morocco has had access to a $3 billion Precautionary and Liquidity Line, which was renewed 4 times before being used in 2020 to help mitigate the social and economic impact of the COVID-19 pandemic and ensure the country maintained sufficient official reserves to ease pressure on its balance of payments.
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