The 8th International Symposium on Public Finance : 14/09/2014

The 8th International Symposium on Public Finance

The Minister of Economy and Finance, Mr. Mohammed BOUSSAID, chaired Friday, September 12th , 2014 in Rabat, the opening of the VIII edition of the International Symposium on Public Finance, under the theme : "the territorial state in Morocco and France: what synergies between State finances and the local authorities finances? ".

In his opening speech, the Minister considers it necessary to continue efforts to consolidate the fundamentals of national economies and strengthening monitoring strategies on Public Finances, despite the promises of economic and financial recovery globally. But, nothing is definitively established, as we can see from the last figures of economic growth in some European countries, our first economic partner, "he said.

  In case of Morocco, Mr. BOUSSAID stated that the kingdom was largely, able to contain the impact of the international economic and financial crisis and regulate the risks of an unsettled regional environment. "We can say today that our country was able on the whole, to overcome the effects of the international economic and financial crisis and strongly resist to its disturbances due to the strength of its instructions to multidimensional reforms since the early 2000’s and adequate reforms implemented in response to this cycle of economic crisis, "said the Minister.

  Mr. Boussaid also argued that the Kingdom was able to show some resilience of its economy as regards the effects of the international crisis, thanks to a control strategy that proved to be successful in terms of building confidence, competitiveness and the attractiveness of our economy and safeguard the fundamental balances of public finances.

“Our foreign partners and international financial organizations acknowledge the positive development of economic and fiscal indicators and welcome the pattern of economic development of Morocco," said the Minister of Economy and Finance who presents as proofs:

• the confirmation of the sovereign rating of Morocco within the investment-grade category, with a stable outlook; as well as the renewal of the precautionary and liquidity line by the International Monetary Fund ;

• the successful use of our country in the international financial market, with the excellent operation of issuing bonds for a billion euros at very favorable conditions in terms of duration and interest rates;

• and the study on the economic confidence of consumers carried out by the American Research Center "Gallup" under the year 2013, which showed that Morocco is the only country in the (MENA ) region with a positive index for consumer economic trust.

  The Minister also explained to the participants that the positive developments of the Moroccan economy is primarily the result of the enlightened vision, strategic choices and the high orientations of HIS MAJESTY THE KING MOHAMMED VI, may God Assist Him. It is also the result of a way of relevant economic and financial governance, operational device and always renewed anticipation and control of macro-economic and financial stability of the country, and finally, the result of the dynamism and voluntarism of traders.                                                                        

  "I strongly believe in the role of entrepreneurship as a major vehicle to spearhead the development of economic growth and wealth creation, only paradigms which enable our country to reestablish  definitively and permanently its macro -economic and financial balances, "said Mr. BOUSSAID.

  However, the Minister believes that the improvement recorded so far in economic indicators and public finances should not make us forget that it is necessary to continue on the same path and with the same determination to establish and implement the institutional and structural reforms. For this purpose, he called to work together and in the context of an ever participatory approach based on dialogue and efficiency for accelerating the implementation of advanced regionalization, judicial reform, the redesign of the organic finance law, the pension system reform, the continued reform of the compensation and tax reform. He also called for strengthening the competitiveness of domestic firm, the acceleration and integration of the pace of the implementation of sector based policies, the acceleration of industrial transformation and with a special attention to the consolidation of social cohesion, reducing disparities, promoting employment, establishing the foundations of a social and solidarity based efficient, integrated and equitable economic policy.

It must be stressed that this Symposium took place September, 12th and 13th 2014 at the General Treasury of the Kingdom. The theme of the symposium was discussed as part of a program structured around three round tables:

•The first round table was devoted to the theme of public finance and local development in Morocco and France.

•The second roundtable was organized around the issue of local financial autonomy in Morocco and France.

•The third round table discussed the theme of financial solidarity between the State and local authorities in Morocco and France