The Minister of Economy and Finance and the Director General of the IMF in a Press Conference in Rabat : 08/05/2014

The Minister of Economy and Finance and the Director General of the IMF in a Press Conference in Rabat

The Minister of Economy and Finance, Mr. Mohammed Boussaid and the Director General of the International Monetary Fund, Mrs. Christine Lagarde , who were accompanied by the Governor of Bank Al -Maghrib, gave Friday, May 9th , 2014 in Rabat , a press conference attended by some fifty press agencies belonging to both the national and international media accredited to Morocco. The press conference took place at the end of the visit on May 8th and 9th, 2014 by Mrs. Christine Lagarde in Morocco.

«I’m here in Morocco to congratulate and encourage the Moroccan authorities for reforms introduced and actions done." It is in these terms that the Director General of the International Monetary Fund answered the journalists.

During her meeting with the media, Mrs. Lagarde was pleased with her ​​discussions with His Majesty the King , the Head of Government , the Minister of Economy and Finance , the Governor of Bank al -Maghrib and representatives of the private sector , women's groups and some students .

"I am overwhelmed by the geographic positioning of Morocco, the tolerance of the Moroccan people and human potential especially within the Moroccan youth," she stated.

Mrs. Lagarde also welcomed the Moroccan officials efforts who, according to her, mobilized, despite a difficult economic and financial environment, the resources needed to finance such social sectors including education, health and subsidy system. In this context, Mrs. Lagarde believes that the IMF and the Moroccan authorities share the same objectives of stability and inclusive growth.

As for the Precautionary and Liquidity Line (LPL) granted by the IMF to Morocco and which deadline expired January. 31st 2014, Mrs. Lagarde said that the Kingdom concluded it in a very satisfactory way. It helped to strengthen the confidence of foreign investors in Morocco. "We are willing to give another Precautionary and Liquidity line if the Moroccan authorities wish so," she said.

Speaking in this regard, the Minister of Economy and Finance welcomed first the IMF to have invented this tool and was grateful for the fact that Morocco that benefited from the PLL as a guarantee , managed not to use it.

Specifying that it is a useful instrument to use again as a guarantee, the Minister and the Director General of the IMF stated that this issue was not discussed during this visit.

Concerning the question raised by the journalists on the reforms carried out by the Moroccan authorities and supported by the IMF, Mr. Boussaid quoted the reform of the Organic budget Law while describing the latter as the constitution of the Finance laws, the Compensation Fund Reform, which according to the Minister , knows a fairly successful start , the reform of the pension system with a first phase dedicated to the Moroccan Pension Fund , the tax reform including the imposition of agriculture and finally the reform of the justice which is supposed to accompany other reforms.

As for the opening of the Moroccan economy and its impact on the exchange rate, the Director General of the IMF believes that an effort should be led by the Moroccan authorities must strive to make this rate more flexible. Finally, Mrs. Lagarde encourages the opening of the Kingdom on the African continent and its integration in the European area.