Interview of the Minister Delegate in charge for the Budget with the daily "Le Matin" : 02/10/2012

Interview of the Minister Delegate in charge for the Budget with the daily "Le Matin"

The Minister Delegate to the Minister of Economy and Finance in charge for the Budget, Mr Driss El Azami EL Idrissi, stated in an interview published Monday, October 1st2012 by the daily newspaper "Le Matin" that, despite the difficult international environment, growth in Morocco ,which is envied by other neighboring countries, amounts to 4.7% of non-agricultural GDP.

The Minister Delegate in charge for the Budget indicated that the Moroccan economy has internal dynamics, notably due to reforms launched and projects set upin recent years.

The Minister explained, inter alia, that "the government operatedon the social aspect through measures that affected rural areas, with the aim of promoting domestic demand" in order to compensate for the contraction in foreign demand, plaguedby recession which hit the European Union in particular.

Regarding the 2013 budget, Mr. EL Azami stated firmly that it is not an austerity budget, but that the recovery of macroeconomic stability is one of its important components.

"The government is working seriously on this component that affects public investment, social policy as well as the government`s credibility with respect to citizens and the international community," insisted the minister, stressing that the 2013 Finance Bill will be that of "business competitiveness, employment and social and spatial rebalancing."

As for the expected growth rate, the Minister explained that within the framework of the 2013 budget, several scenarios were developed according to the agricultural year and the current international situation. He estimated, however, that this rate should be between 4 and 5%.