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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Morocco: Second Review Under The Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco
International Monetary Fund. Middle East and Central Asia Dept.
While agricultural output suffers from yet another drought, non-agricultural output has remained robust, and domestic demand is strengthening. Nonetheless, unemployment has increased. Inflationary pressures have abated, allowing BAM to cut the policy rate in June 2024. The fiscal deficit is on track to meet the 2024 budget target, with stronger-than-expected revenues offset by increased current spending. Strong revenues from tourism, exports of goods, and remittances have kept the current account deficit to low levels. Morocco continues to make progress in bolstering its resilience against climate change and seizing the opportunities from decarbonization, under the RSF arrangement. Significant investments in water infrastructure aim at addressing water scarcity and will need to be complemented by demand management reforms. Continued progress toward liberalizing the electricity markets, a key dimension of the RSF, is needed to boost private sector participation in renewable energies (RE). This will not only help Morocco achieve its NDC targets but would also reduce its reliance on imported fuels, improve firms’ competitiveness, and help create jobs.
Keywords:
RSF arrangement; assessment letter; decarbonization strategy; RSF reform measure; E. WB engagement; Climate finance; Electricity; Renewable energy; Non-renewable resources; Middle East; North Africa; East Africa; Global
Cover IMF Staff Country Reports
Togo: Questions Générales
International Monetary Fund. African Dept.
Questions Générales
Keywords:
Questions Générales
Cover IMF Staff Country Reports
Togo: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes Togo’s growth over the past two decades to provide a better understanding of the past and of the medium-term growth outlook. First, it describes historical growth using a narrative approach, identifying five distinct periods based on key growth drivers and growth outcomes. Second, the paper uses growth accounting to identify the historical drivers of growth from a production function perspective. It then estimates the path of historical (unobserved) potential gross domestic product using various statistical tools. All these analyses suggest that in a context of limited fiscal space, reaching growth of 5–6 percent per year over the medium term is possible but will require determined implementation of reforms to spur productivity and private investment. Togo's commitment to further enhance infrastructure investment and public enterprise service provision is most welcome and should continue. By maintaining a focus on efficiency, transparency, and inclusivity, Togo can lay the foundation for a prosperous future.
Keywords:
IMF staff calculation; climate trend; cash transfer; education outcome; infrastructure investment; health sector metrics; Public investment spending; Climate change; Private investment; Global; West Africa; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Morocco: 2024 Article IV Consultation, Review Under the Flexible Credit Line Arrangement, First Review Under the Resilience and Sustainability Arrangement, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Morocco’s 2024 Article IV Consultation, Review under the Flexible Credit Line Arrangement, First Review under the Resilience and Sustainability Arrangement, and Rephasing of Access under the Resilience and Sustainability Facility. The discussions focused on the policies needed to secure the recent decline of inflation and advance with fiscal consolidation while financing the structural reforms needed to ensure that economic growth creates more jobs and becomes more inclusive. The Moroccan economy continued to show resilience to negative shocks. Inflation fell over the course of 2023, mainly as the impact of supply shocks faded. The current account deficit narrowed significantly. The central government fiscal deficit improved more than envisaged in the 2023 Budget. The 2023 overall deficit closed at 4.4 percent of gross domestic product (GDP), about 0.5 percent of GDP less than projected in the 2023 Budget. The implementation of the announced structural reform agenda has continued.
Keywords:
RSF reform; investment project; RSF review; RSF arrangement; accounts payable; fcl agreement; climate finance strategy; General government debt; resilience of the economy; Inflation; Central Bank digital currencies; Agricultural sector; Global; Maghreb; Africa; Sub-Saharan Africa