In keeping with a tradition started a few years ago, the AMIF (Association des Membres de l`Inspection Generale des Finances) brought together in January 29th 2008 distinguished members of the government, representatives of international financial institutions, academics, researchers, scholars, as well as executives from both private and public sectors, to discuss the 2008 Finance Act. Participants all had a common goal: exploring the various facets of this act and conveying them to the wider public. .
Participants in this conference included Mr.Abdelaziz Meziane Belfkih, councillor to His Majesty, Mr. Salad Eddine Mezouar, Minister of Economy and Finance, Mrs. Latifa Abida, Secretary of State in charge of secondary education at the Ministry of National Education, Higher education, Executive Training and Scientific Research, Mr. Abdelkebir Zahoud, Secretary of State in charge of Water and the Environment at the Ministry of Energy and Mining, Mr. Mutapha Elktiri, High Commissioner for Veterans of the Liberation Army, the Ambassador of Japan to Morocco, representatives of international institutions such as the World Bank, representatives from the EU, executives from the private sector, managing directors of public enterprises, members of parliament, academics, researchers, managers and members of executive staff from the MEF.
The theme of the conference was The 2008 Finance Act: Prospects for Public Finance evolution. This theme was addressed in two phases:
the discussion of shock management and new growth policy with the participation of officials from the Ministry of Economy and Finance, Mr. S. Mezouar, Minister of Economy and Finance, Mr. N. Bensouda, Director General for Taxation, Mr. A. Bennani, Budget Director, Mr. Z. Chorfi, Treasury and External Finance Director, Mr. M. Chafiki, Director of Studies and Financial Forecasts, and Mr. A. Talbi, Director of Public Enterprises and Privatisation;
Providing opportunities for dialogue and exchange with economic operators, university professors, and members of parliament, to share their analyses, points of view, and reactions as part of different angles on the Finance Act. Mr. M.H. Alami, President of CGEM, Mr. L. Jaidi and Mr. N. Akesbi, university researchers, and Mrs. N. Lahrechi and Mr. K. Hariri, members of parliament, took part in the debate.
Speaking in the course of the study day, Mr. Mezouar first stated, on the basis of a good economic performance, in terms of tax revenue, investment, growth... that economic development does not necessarily result in the social improvement. |  |
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Ensuring a better distribution of the yields of growth while excluding aid dependence in favour of social improvement and a better distribution of the yields of growth through greater integration of all regions into the country`s development strategy, must be the prime objective, said Mr. Mezouar, and this entails a new approach to economic policy.
The main issue is no longer macro-economic balance. The simple logic of preserving this balance, along with a simple accounting logic, must be taken into account, but must also give way to a logic of growth, he added.
The economic equation has changed, and the main stake is now being able to generate more added value through our economic activity, and developing our ability to produce higher and consistent rates of growth within an open economy. Mr. Mezouar pointed out that it is our ability to innovate and reinforce the differential factors of our economy, and to give greater visibility, which will ensure the desired growth rates.
To this end, and in response to the different presentations, which he described as impressive, Mr. Mezouar stressed the necessity to raise the most pertinent questions and the most relevant issues, to better channel efforts and energy. Our approach should be geared toward ?the objective of a better distribution of wealth, and taking action accordingl.
While bearing in mind the demands of the current economic climate, marked by opening up, competitiveness and the necessity for continued improvement in public revenues, public action must take into account these issues, pursue greater added value, channel resources and efforts toward the most profitable activities in terms of value, and awaken latent potentials, hitherto unexploited.
In this respect, Mr. MEZOUAR argued that the extent of compensation charges is not in itself an issue provided that these charges are focused on the right target, nor a deepening budget deficit, provided that the latter contributes to addressing lingering issues in education and health, and improving citizens purchasing power.
3 to 4 regions benefitted from the growth generated in the recent years. Mr. MEZOUAR pleaded in favour of economic integration of regions via targeted strategies at the regional level to create regional economic poles.
While addressing the reforms initiated in the Ministry, Mr. MEZOUAR pointed out that they will be carried on, but in a more sustained pace, mainly the ones related to the financial sector, in view of making of Casablanca an international financial place. As to fiscal reforms, he recommended an in depth work, which would accommodate problems related to opening, competitiveness of the national economy, and the new requirements of enterprises, while at the same time targeting ongoing improvement of fiscal receipts. The Minister emphasised on adopting a win-win approach
Both budget reform and management of public enterprises were under scrutiny. Mr. MEZOUAR highlighted that budget reform based on results, globalisation of credits, contractualisation, reform of public expenditure control and the implementation of a modulated control should be carried on to ensure an autonomous management. These reforms will be completed by the reform of organic statute of finance which will be carried out within the perspective of regionalisation.