Morocco Needs more Economic Investments Head of Bank Al Maghrib Tells

Rabat – On the eve of Throne Day, King Mohammed VI received on Sunday Governor of Bank Al Maghrib Abdellatif Jouahri and Head of Auditors’ Court Driss Jettou, and both presented the monarch with their annual reports.During his meeting with the King, Jouahri discussed Morocco’s financial situation in 2017, emphasizing that the domestic economy grew at a rapid rate last year. The local economy expanded by 4.1 percent, owing to good climatic conditions for agriculture and overall economic recovery.According to the head of Bank Al Maghrib, the improving economy helped establish job opportunities in the North African country. However, job growth was not enough to curb unemployment, thereby increasing the unemployment rate. Jouahri added that the fiscal deficit narrowed to 3.6 percent of Gross Domestic Product (GDP), and the current account deficit eased to 3.4 percent of GDP.The balance helped the country maintain international reserves at a level providing coverage for approximately six months of imports.The inflation rate slowed to 0.7 percent in 2017.Progress below expectationsDespite economic growth throughout 2017, Jouahri said that the progress made by the country did not meet expectations. Non-agricultural activity remains behind.Jouahri also said that private investment is still limited despite the incentives Morocco grants and its public spending.“Our country needs not only to pursue and enlarge the scope of reforms, but also and more particularly to see to their successful implementation within the set deadlines,” he added.Jouahri then gave an example of the education system, emphasizing that its goals have not been achieved yet.Jouahri believes that Morocco’s reform of the subsidy system should be finalized and generalized as part of a comprehensive policy to establish price reality and provide support for the poorest households.The official did not deny that the country has achieved progress in terms of stability, regional positioning, and investment attractiveness, but he called for a real economic takeoff and a massive mobilization of its dynamic forces to enable stronger growth and job creation. Jettou’s reportDriss Jettou, whose revealing 2017 report brought down several officials involved in development projects in Al Hoceima, presented the monarch with the Court of Auditors’ report for the years 2016-2017, in accordance with Article 148 of the Constitution and Article 100 of Law 62.99 forming the financial court’s code.Jettou said that his department conducted 160 audit missions and made 2,668 decisions regarding the accounts, as well as 215 decisions on budgetary and financial discipline.He recommended that support programs ensure sustainable development and balanced growth across various sectors. read more

Ban pledges continued UN support for small island developing nations

24 September 2010Secretary-General Ban Ki-moon today pledged continued United Nations support for small island developing States (SIDS) as they strive to find solutions for their unique challenges, amid limited resources that could hamper their efforts to achieve globally agreed development targets. Secretary-General Ban Ki-moon today pledged continued United Nations support for small island developing States (SIDS) as they strive to find solutions for their unique challenges, amid limited resources that could hamper their efforts to achieve globally agreed development targets. “The United Nations is committed to supporting the smalls island developing States at the international policy level and on the ground through its agencies and technical cooperation projects,” Mr. Ban said when he addressed the opening session of a two-day high-level review meeting of a strategy adopted in 2005 to advance sustainable development among this vulnerable group of countries. Small island developing States face unique vulnerabilities as a result of their small size, isolation, narrow resource base, limitations on economies of scale, and high exposure to global environmental threats.In the past five years since the adoption of the Mauritius Strategy, SIDS have suffered, like all countries, from the financial, food and energy crises, Mr. Ban said.They have also been especially vulnerable to climate change, with some of them having experienced loss of agricultural land and infrastructure, he added. There have been negative impacts on the fishing and tourism industries, loss of biodiversity, saltwater intrusion and degradation of terrestrial and wetland habitats and destruction of human settlements. With the threat of rising sea-levels, some people have even emigrated to build lives elsewhere.“We have seen some progress made in redressing these problems through the Mauritius Strategy. Political commitment toward sustainable development from each State has increased,” Mr. Ban said, pointing out that national plans and policies now reflect key principles of sustainable development as set out in the strategy.Overall, however, SIDS still lack sufficient access to financing for the dramatic changes they need to make, including for achieving the range of anti-poverty targets contained in the Millennium Development Goals (MDGs), according to the Secretary-General.They also need increased financial assistance for coping with external shocks.“In view of their small size and limited capacity, we need to simplify and streamline financing mechanisms especially during and after natural disasters – such as the one we saw in Haiti,” Mr. Ban said.The review processes at national and regional levels have emphasized the need for SIDS to mainstream climate change adaptation plans into national development strategies, he added.They also need increased access to low-carbon technologies and technology transfer initiatives, and improved data collection and information systems to facilitate informed decision making. “Let us use this meeting today to devise new ways of approaching and redressing these issues,” the Secretary-General said.The high-level review session is intended to provide the international community with an opportunity to discuss the way forward based on the assessment of progress made, lessons learned and constraints encountered in the implementation of the Mauritius Strategy. read more