IMF Official Commends Morocco’s Fiscal Consolidation Efforts at Bangkok Meetings

IMF Official Commends Morocco’s Fiscal Strategy

On Wednesday in Bangkok, Davide Furceri, who heads the Fiscal Affairs Department at the International Monetary Fund, commended Morocco’s efforts at fiscal consolidation. Morocco continues to grapple with uncertain global energy markets. The IMF official pointed out that, while highlighting Morocco’s fiscal consolidation drive, he stressed the need to keep social protection mechanisms intact for the most vulnerable.

Key Measures for Expenditure Control

Furceri, speaking to MAP on the sidelines of the IMF and World Bank Annual Meetings in Bangkok, Thailand, from October 12 to 18, said, “Morocco continues to face fiscal challenges, particularly related to surging energy prices.” Furceri explained, “Controlling public expenditure involves, among other things, better prioritization of spending, a progressive phase‑out of generalized subsidies, and the implementation of targeted direct social assistance.”

Medium‑Term Framework and Social Protection

The goal of these steps is to align deficit reduction with safeguarding vulnerable social groups, especially affected by swings in global energy prices. He also stressed that creating medium‑term expenditure frameworks would help put deficit reduction on a sustainable path and make public policy more predictable. For Morocco, the guidance underscores the difficulty of maintaining sustainable public finances while protecting social achievements amid uncertainty in global energy markets. He concluded that bolstering a credible medium‑term fiscal framework would improve how public resources are allocated, strengthen debt sustainability, and preserve fiscal space for development priorities.