Morocco left its 3.5 billion special drawing rights (SDR) flexible credit line untouched on Saturday, October 31, according to financial registers from the International Monetary Fund.
The Washington-based multilateral financial organisation opened the credit line in April 2025. This envelope equaled 4.7 billion dollars, or 46.6 billion dirhams, based on the exchange rate from October 30.
This credit ceiling represents 386 percent of Morocco’s quota at the IMF, which is fixed at 894.4 million SDR, or 12.1 billion dirhams. At the same time, the kingdom’s effective outstanding debt with the institution stood at 937.5 million SDR, equivalent to 1.3 billion dollars or 12.6 billion dirhams.
Calculations by Barlamane.com based on IMF financial registers show this amount is entirely composed of principal owed to the IMF’s Resilience and Sustainability Trust.
Did You Know? Morocco left two flexible credit lines completely untouched, including an earlier April 2023 arrangement for 3.7 billion SDR that had a ceiling fixed at 417 percent of the country’s quota.
IMF confirms Morocco's eligibility and agreement details
The current flexible credit line succeeded an earlier agreement approved in April 2023 for 3.7 billion SDR, amounting to 50.2 billion dirhams. The IMF confirmed Morocco’s eligibility for this financial instrument during its mid-term review published on March 23. The current agreement is scheduled to expire on April 1, 2027.
The climate financing arrangement was approved by the IMF on September 28, 2023, for eighteen months. It carried an envelope of one billion SDR, or 13.5 billion dirhams, representing 112 percent of the quota. The financing covered water management, renewable energies, energy efficiency, climate risk integration by the financial sector, and natural disaster coverage.
Morocco drew 937.5 million SDR, nearly 93.8 percent of the total, across three tranches. The kingdom received 250 million SDR on March 28, 2024, followed by 312.5 million SDR on November 13, 2024, and 375 million SDR on March 19, 2025. The remaining 62.5 million SDR stayed unused when the agreement expired on April 2, 2025.
Repayment Schedule and Interest Projections
The IMF attached a maximum maturity of twenty years and a ten-and-a-half-year grace period on the principal for each tranche. The repayment schedule established on October 31 sets the first reimbursement for September 28, 2034, amounting to 12.5 million SDR or 168.5 million dirhams. The final payment is scheduled for March 17, 2045, for 18.8 million SDR, or 252.8 million dirhams.
The IMF evaluated payments due by the end of 2026 at 9.3 million SDR, or 125.7 million dirhams. For 2027, the organization projected 38.2 million SDR in interest, or 515.2 million dirhams, payable across four installments. These include three payments of 9.6 million SDR on February 1, August 1, and November 1, and a payment of 9.3 million SDR on May 1, alongside a contribution of roughly 6,600 SDR to the SDR department.
From 2028 to 2033, the annual debt charge will consist solely of interest, hovering around 38.2 million SDR. Principal amortization will increase this charge to 50.7 million SDR in 2034. It will then rise to 112 million SDR in 2035, the year Morocco repays 75 million SDR of principal.
Principal payments will stabilize at 93.8 million SDR annually from 2036 to 2043. Total payments will peak at 127.2 million SDR in 2036 before decreasing to 100.5 million SDR by 2043 as interest payments diminish. The schedule anticipates 81.3 million SDR in principal for 2044, 19.1 million SDR for 2045, and a final residual balance of approximately 7,000 SDR in 2046.
Liquidity Line Settlement
The total amount owed by Morocco to the IMF decreased by 162.7 million SDR, or 2.2 billion dirhams, since the end of 2024, marking a 14.8 percent decline. At the close of 2024, total debt stood at 1.1 billion SDR, split between 562.5 million SDR for climate financing and 537.7 million SDR remaining from the old precautionary and liquidity line.
Morocco drew 2.2 billion SDR from the precautionary and liquidity line in April 2020 to cope with the pandemic shock. This balance dropped to 1.5 billion SDR by the end of 2021 and remained level through the end of 2023. Four repayments totaling 962.1 million SDR reduced this debt during 2024, and the kingdom settled it entirely through two payments of 268.9 million SDR on January 7 and April 7, 2025.
Frequently Asked Questions
When does the current flexible credit line agreement expire?
The current agreement is set to expire on April 1, 2027, following the mid-term review published by the IMF on March 23.
What was the total value of the climate financing arrangement approved in September 2023?
The financing carried an envelope of one billion special drawing rights, representing 13.5 billion dirhams or 112 percent of the kingdom’s quota.
How did Morocco settle its debt from the precautionary and liquidity line?
Le royaume a soldé la ligne de précaution et de liquidité par deux versements de 268,9 millions de DTS chacun, les 7 janvier et 7 avril 2025.
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