Rapid economic growth in Morocco due to structural reformsMarrakech, Oct. 7 (MAP)
- King Mohammed VI underlined that the rapid and steady economic growth that Morocco has enjoyed,
since the start of this century, results from the structural reforms and the sound economic policies the kingdom has laid down and implemented.
"On of the most visible indicators of growth shows in the improved standing of the business environment. This, in turn, has generated an expansion in investment flows, in addition to a rise in the standard of living," said the sovereign in a message to the participants in the 32nd session of the Board of Governors of Arab Central Banks and Monetary Institutions, read by Governor of Bank Al Maghrib (Central Bank), Abdellatif Jouahri.
The monarch said the North African country has "endeavored to keep inflation under control and improve government financial standing and external accounts, as well as to stabilize exchange rates." "We have been keen to carry on with the upgrading of the banking and financial sector, as well as shoring up control and precautionary systems, thus developing financial markets and expanding the scope and diversity of investments," the sovereign added.
In this context, the king said, Morocco has sought to pursue a policy of openness to its international environment, which stimulates the North African country to conclude a number of free-trade agreements with major hubs of world economy, in addition to Mediterranean and Arab countries.
“Morocco is keenly aware of the importance of the regional dimension for the development of Arab economy. This is why our country has been actively involved in the work of regional panels on the liberalization of trade, and on financial integration and the role of the private sector in the five countries of the Arab Maghreb Union,” said the sovereign.
Underlining that expanding the scope of projects and programs on a regional scale is likely to bolster inter-Arab economic integration, the monarch stressed that fostering the relevant conditions to achieve sustainable development in the Arab region “requires full utilization of our countries’ resources and potentialities, as well as a firm commitment to harmonize our economic policies.”
On the international level, the king voiced his satisfaction at the agreement that has been reached over the principles and practices related to sovereign wealth funds, underlining that this arrangement will “help these funds to play an efficient role and contribute to alleviate the adverse effects of the current crisis affecting the international financial system.”