VOL. XXXIII

NO. 31

7-MAY-1990

Financial and Banking News

Loans & Issues

Morocco Seeks IMF Approval through Budget Changes

In a clear attempt to improve its chances of securing a standby creditagreement from the International Monetary Fund (IMF), Morocco has devalued itscurrency and re-opened discussions on its 1990 budget. The Moroccan Central Bankannounced on 2 May that the Durum would be devalued by an average of 10% withimmediate effect. The next day, Finance Minister Mohammed Berrada...