King Mohammed VI Moroccos Reforms Strengthened its Economys Resilience

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Rabat – Various large-scale projects, launched since the early 2000s, as well as a range of reforms undertaken in several sectors had strengthened Moroccan economy’s resilience in a generally unfavorable international environment, king Mohammed VI said on Thursday.“Morocco has also begun reforming the subsidy system. This has helped redress the public finance situation and create budgetary margins to promote economic investment and social safety nets for the most vulnerable segments of the population,” the sovereign pointed out in a message to the participants in the 40th Meeting of Council of Arab central bank governors and of Arab monetary agencies, which kicked off Thursday morning in Rabat.“To consolidate this turnaround and improve the visibility and transparency of public finances, a new organic budget law came into force in 2016,” the monarch added in this message which was read out by governor of Bank Al-Maghrib (central bank) Abdellatif Jouahri. “At the monetary and financial level, Morocco has continued to develop and modernize the national financial system so as to bring the Kingdom’s monetary policy in line with international best practices, while maintaining an accommodating policy to support the financing of the country’s economy, including very small and medium-sized businesses,” he underlined.A legal framework and a crisis-resolution mechanism have also been set up, in consultation with other regulators, the sovereign said.In this regard, Bank Al-Maghrib is continuing its action to align its banking supervision system with international standards and assist Moroccan banks as they develop abroad, the monarch pointed out, adding that Moroccan banks already have branches in some thirty countries.Thanks to these efforts, the national financial system fared well in the assessment carried out by the IMF and the World Bank in April 2015, thus confirming the robustness of the Moroccan banking system, the King stressed.The reforms introduced and the political stability and security enjoyed by the country have enabled Morocco to consolidate its reputation vis-à-vis international partners, rating agencies and investors, the sovereign noted. He added that the new Precautionary and Liquidity Line recently approved by the IMF and the flow of foreign direct investments – of which a good number come from Morocco’s partners within the Gulf Cooperation Council – are an indicator of the trust and esteem enjoyed by the Kingdom.“These major achievements mean our foreign policy choices have been pertinent. These accomplishments have also enhanced our open policy vis-à-vis the region and the world at large, since Morocco has signed free-trade agreements with 56 countries so far, including several Arab sister nations,” he said.

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