Participation of Mr Salaheddine MEZOUAR, Minister of Economy and Finance in the G8 Finance Ministers Meeting on Deauville Partnership : 14/09/2011

Participation of Mr Salaheddine MEZOUAR, Minister of Economy and Finance in the G8 Finance Ministers Meeting on Deauville Partnership

In the framework of Deauville Partnership, Mr Salaheddine MEZOUAR, Minister of de Economy and Finance, took part on Saturday, September 10th, 2011 in Marseille in the meeting of G8 (USA, Japan, Germany, France, the UK, Italy, Canada and Russia) finance ministers plus Morocco, Egypt, Jordan, Tunisia and the Cooperation Council for the Arab States of the Gulf, Turkey and chairmen of international and Arab financial institutions. Mr. Khalid SAFIR, Secretary General of the Ministry and Ms. Faouzia ZAABOUL, Director of Treasury and Foreign Debt were present with Mr. MEZZOUAR.   

This partnership was launched during the G8 Summit in Deauville on May 27th, 2011 to help Arab countries in carrying out the necessary economic and social reforms that have already started in these countries. This initiative is meant to favor a sustainable growth and consolidated stable democracies.

The economic program of Deauville partnership aims to assist these countries to be up to the economic challenges to foster a strong and global growth to help the democratic process and extend economic opportunities on the basis of defined priorities set at the national level.

In his speech, Mr. MEZZOUAR highlighted the internal dynamics of the political, economic and social reforms carried out within a framework of continuity and stability of the country. He reminded the audience that on July 1st, 2011, Morocco adopted a new constitution, regarded by international observers as a giant democratic step, marked by the consecration of a constitutional regime based on separation, equilibrium and collaboration of the three powers, and which emphasizes the principles of good governance, primacy of human rights, the protection of individual liberties and the correlation between responsibility and accountability.

At the economic level, Mr. MEZZOUAR has stated that Moroccan economy has undergone profound mutations in the recent years, resulting from the dynamics of structural reforms that affected the political, institutional and social domains. Such reforms consolidated the diversification of the structures of Moroccan economy to attain a new level of growth. These structural and sector-based reforms, as well as a prudent macroeconomic management allowed Morocco to dispose of larger margins of maneuvering to boost internal demand and favor the financing of economy in the context of the international financial and economic crisis.

Mr. MEZZOUAR said that these assets are now being put into test as the country has been subject to dire times marked by a direct impact of the regional political context on foreign direct investment and tourism, the soaring of prices of raw material and petrol in particular and its effect on domestic and foreign equilibrium and the foreseeable impact of the negative perspectives of world economy.

He highlighted that the performance of Moroccan economy achieved in the recent years incite the country to carry on with the same development policies but call for the speeding up of the rhythm of achievement of socio-economic infrastructures and implementation of the different sector-based strategies, of big structuring projects, of programs of employment promotion, mainly of the youth, and the upgrade of the most disadvantaged regions.

For this, Mr. MEZZOUAR said, that in order to implement its development strategy, Morocco relies on the mobilization of its domestic resources. It has called member countries of Deauville Partnership and regional and international financial institutions to genuinely assist the country`s internal dynamics of reform and political, economic and social progress in the region.