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“One man’s loot”

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“One man’s loot”

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Morocco Get $2.9bn Credit Line Approval from IMF

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The International Monetary Fund (IMF) has approved a $2.97 billion Precautionary and Liquidity Line (PLL) to help Morocco face unexpected economic setbacks.



The IMF said in a statement that the new PLL arrangement “will provide insurance against external shocks and support the authorities’ efforts to further strengthen the economy’s resilience and promote higher and more inclusive growth”.

The two-year credit line signed on Monday is the fourth of its kind between Morocco and the IMF.

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In 2012 the IMF approved a $6.2 billion PLL for Morocco, then in 2014 the global finance body approved another worth $5 billion, and in 2016 another $3.5 billion was approved for Rabat.

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“Morocco’s economic growth remains strong in 2018 and is expected to accelerate in the medium term, provided that external conditions improve,” the IMF said. However, the outlook remains vulnerable to adverse external risks, including increased geopolitical risks and the volatility of global financial markets, it added.

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-MEMO

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Mozambique: Govt reveals 30,000 ghost workers on payroll.

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Mozambique has identified some 30,000 non-existent civil servants on its payroll, the Public Service ministry said on Monday.

It said the ghost workers had cost the country €220 million in salaries and wages. The fraud was detected following a two-year audit that spanned between 2015 and 2017.



Following the operation, Maputo put its public sector workforce at 318,000.

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Mozambique, which has over 50% of its budget devoted to the payment of government workers, has been going through financial difficulties over the past two years, which has weighed heavily on its economic performance.

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In 2016, president Filipe Nyusi’s government was forced to admit to secretly borrowing $2 billion to buy arms.

Donors have sanctioned it by freezing their budget support. Maputo has since suspended its payments to its creditors and is seeking to renegotiate its debt.

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