Morocco may activate its $4.5 billion IMF Flexible Credit Line (FCL) if global oil prices surge beyond $120 per barrel, Morocco’s central bank governor Abdellatif Jouahri said, highlighting that the country maintains powerful liquidity backstops and solid macro-economic fundamentals in the face of rising geopolitical uncertainty. The existence of the credit line itself is evidence of Morocco’s solid macro‑economic fundamentals, he said. Morocco signed the two‑year FCL arrangement with the IMF in April 2025 as a precautionary shield intended to boost resilience to global shocks. The first signs of the conflict’s domestic impact emerged this week as fuel distributors raised pump prices by 2 dirhams per liter. Morocco imports all of its refined petroleum products, making it highly exposed to global price volatility.

Source: The North Africa Journal March 19, 2026 05:32 UTC