Participation of the Minister at the meeting of the European Union and Mediterranean countries finance ministers : 18/05/2010

Participation of the Minister at the meeting of the European Union and Mediterranean countries finance ministers

Mr. Salah Eddine Mezouar, Minister of Economy and Finance attended the annual meeting of the European Union and Mediterranean countries finance ministers held in May 18th in Brussels.

With reference to the Euro Mediterranean Meeting of Ministers of Economy and Finance (ECOFIN) and the 10th ministerial meeting of the Facility for Euro Mediterranean Investment and Partnership (FEMIP), Mr. Mezouar noted that national economy registered a growth rate of 5.2% in 2009, following growth of 5.6% in 2008 despite the unfavorable international context marked by economic and financial crisis and its corollary the decline in global demand.

He added that these results were performed in a firm macroeconomic framework with a 1% inflation and a fiscal deficit at 2.2%, thanks first to the favourable measures taken by the Government, namely to support the domestic demand and areas affected by the crisis, and second to the positive effects of a good crop year, which offset the slowdown in activity outwardly oriented.

Moreover, Mr. Mezouar asserted that, in recent years, Morocco embarked on major structural projects and declined further sectoral policies so as to increase economic operators? visibility and strengthen its regional positioning.

"These actions, the Minister added, allowed our country to reach a new level of growth, improve social indicators, boost domestic investment and attract more foreign investment".

Mr. Mezouar underlined that the current context reinforces Morocco in his approach and his willingness to implement the necessary reforms and expand their scope for a better integration of the Moroccan economy with that of the European Union. He further pointed out that the kingdom believes it important to revitalize and strengthen regional areas that constitute a real place for complementarities and cooperations.

In this respect, the Minister recalled that "Morocco remains more committed than ever to realize the Maghreb integration vision and to make every effort to succeed it, with the ultimate goal of building a strong relationship linking the strong Maghreb, which provides a unified and attractive economic space in line with international norms and standards to a united Europe that constitutes a privileged partner to achieve a common prosperity, stability and shared security.

" Regarding the role of the Union for the Mediterranean and FEMIP, Mr. Mezouar pointed out that these initiatives should help meet the challenges of socio-economic development so as to ensure a better future for citizens on both sides. This is done by the means of supporting actions to help speed up regional economies? allegiance to the European Union through substantial support for infrastructure economic and social projects to reduce poverty and sustain growth in the region, support for structural and sectoral reforms of economic and social upgrade and helping to provide common, innovative and efficient answers to the multidimensional crisis (finance, energy, and climate) that shakes and weakens both global and Mediterranean economies.

The Moroccan delegation participating in these meetings included. Mr. Zouhair Chorfi, Director of Treasury and External Finance, at the Ministry of Economy and Finance and Mr. Menouar Alem, Ambassador of Morocco to the European Union.