The international economic and financial crisis is a major crisis that is likely to worsen dramatically. Despite the fact that it is impacting countries at various degrees, its global effect at the international level remains uncertain in terms of amplitude and duration.
The fundamental macroeconomic structures of Moroccan economy are still healthy, mainly due to a balanced budget, increasing fiscal revenues and a strong decrease in public debt. Nonetheless, the crisis is now affecting some sectors, especially those exposed to chance factors in the international environment.
The 2009 finance act was devised in view of sustaining growth, mainly through stimulating local consumption and consolidating public investment. In this context, the Ministry of Economy and Finance set up a focus group in October, 2008 to assess and anticipate the impacts of changing trends in the world economy on all sectors.
The government thus decided to set up a Strategic Intelligence Committee, made up of senior executives from the public sector, the private sector and the banking sector. Its main mission is to set up a joint action and a mechanism to define the appropriate proactive measures. It will also assist the government by providing recommendations, through identifying opportunities and necessary reforms, to help the country face up to the challenges of the post-crisis era.
The first meeting of the Strategic Intelligence Committee took place at the headquarter of the Ministry of Economy and Finance on Wednesday February 4th, 2009. It was a very constructive meeting, with pertinent debates that reaffirmed the need for a committee founded on sound organisation as well as a spirit of partnership to carry out its mission diligently and efficiently.
Sector-based committees, made up of representatives from the public, private and baking sectors, will closely coordinate with the Strategic Intelligence Committee to reinforce the committee`s capacity to make recommendations, to proceed efficiently and to follow up.
The SIC meeting was presided by the Minister of Economy and Finance, and was attended by the Minister of Agriculture and Maritime Fishing, the Minister of Energy and Mines, the Minister of Tourism and Handicraft, the Minister of Industry, Trade and New Technologies, the Minister in charge of Economic and General Affairs, the Minister of Foreign Trade, the delegated Minister in charge of Moroccan Residents Abroad and the General Secretary of the Ministry of Labour and Vocational Training.
Were also present in the meeting the Wali of Bank Al Maghrib, the President of GPBM (the Moroccan Banking Group), the President of Banque Populaire and that of Attijariwafabank, as well as the presidents of CGEM, AMITH, AMICA, FNT and the CEO of the OCP.