We project Morocco's real GDP growth will be 3.1% this year, constrained by the decline in external demand, rising to about 4.0% by 2021. Following a slippage in 2018, the budgetary position should gradually improve, supported by privatization proceeds over the forecast period to year-end 2021. We consider that the liquidity line approved by the International Monetary Fund (IMF) in December 2018 supports Morocco's macrofinancial stability and its economic policy objectives. As a result, we are affirming our 'BBB-/A-3' ratings on Morocco. The outlook remains negative. On April 5, 2019, S&P Global Ratings affirmed its long- and short-term foreign and local currency sovereign credit ratings on Morocco at 'BBB-/A-3'. The outlook is negative. The negative outlook signifies that we could
