RABAT- The International Monetary Fund said on Wednesday Morocco planned to repay part of a $3 billion credit line it offered in April, when the country sought to offset the financial shock of the coronavirus pandemic and maintain adequate reserves.

Morocco may reimburse 1 billion dollars at once to the IMF, said local news website Medias 24, citing an unnamed finance ministry source.

The finance ministry did not immediately answer Reuters request for comment.

The purchase "may make post-programme monitoring no longer necessary," the IMF said in a statement.

The Fund expects Morocco's economy to contract by 7.2% this year and rebound by 4.5% in 2021, assuming an improvement of tourism and export sectors.

Treasury debt is set to surge to 76.1% of GDP in 2020 from 65% in 2019, the Central Bank said

Morocco tapped the bond market twice this year to raise 1 billion euros ($1.22 billion) in September and 3 billion dollars this month.

($1 = 0.8221 euros)

(Reporting by Ahmed Eljechtimi; editing by Barbara Lewis) ((ahmed.eljechtimi@thomsonreuters.com;))