In the context of low growth in the euro area affecting economic activity, exports, tourism, and remittances, and heightened global uncertainty, Morocco continues to strengthen its fundamentals and buffers and to reduce vulnerabilities, while maintaining a broadly satisfactory growth performance. This owes much to the authorities’ sound macroeconomic and financial sector policies, supported by strong structural reform implementation. In this context, the PLL has provided a useful insurance against exogenous shocks, and the authorities have continued to treat it as precautionary. We thank staff for their concise report for this third PLL review, and share their assessment that the program remains on track, and that Morocco continues to meet the eligibility criteria for the PLL and for exceptional access. The authorities believe, however, that staff did not go far enough in recognizing the major leap forward in strengthening the external and fiscal positions since the first PLL was approved in July 2012, and even more decisively since approval of the second PLL in July 2014.