Morocco is not experiencing economic growth crisis, but rather a crisis of economic equilibrium, argued the Minister of Economy and Finance, Mr. Nizar Baraka. Headded that the Government seeks to maintain the deficit to less than 6% to avoid any impact on investment and employment.
Mr. BARAKA, who was invited to the emission "Moubachara Maâkoum", diffused Wednesday, September 26th2012 by 2M TV channel, added that the Government shall create a macro-economic balance based on the reduction of the fiscal deficit, by taking into account the social equilibrium, quoting in this respect the State`s social initiatives of which the creation of the social Cohesion Fund, the medical assistance scheme (RAMED) and the Schooling support program (Tayssir).
Although Morocco is affected by the global crisis because of its accession to the global economy, the Minister stated, the country will continue its development, through the implementation of a roadmap to cope with this crisis. He noted that the Government controls the economy by setting up a program to accelerate the development of sector based performance and support SMEs in a way to enable them to benefit from 20% of public procurement.
In addition, the Minister raised real structural issues related to competitiveness as for Moroccan exports and the opening of the national economy, which led to an increase in imports four times more than the trade deficit.
He also specified that during the last 10 years, exports have doubled only once, which led to a significant deficit in the balance of payments which was reflected, in turn, on the decline in currency external assets affecting the liquidity and money supply.
Mr. BARAKA ensured that there is no lack of confidence in the Moroccan economic policy, noting that foreign investment experienced during this year, an increase of 4%,in comparison to the last year, in which it declined by 25% . He noted that this confidence is demonstrated by the Precautionary and Liquidity Line (LPL) of $ 6.2 billion, initiated by the International Monetary Fund (IMF) for Morocco.
He stressed the need to maintain payroll to ensure social cohesion, calling at the same time to preserve the compensation fund, by reforming it to achieve its objectives of supporting the purchasing power and the development of the national economy.