King Mohammed VI receives Wali Bank Al-Maghrib who presented him with the 2021 annual report

King Mohammed VI, accompanied by Crown Prince Moulay El Hassan and Prince Moulay Rachid, received, on Saturday July 30, at the Royal Palace in Rabat, Abdellatif Jouahri, Wali Bank Al-Maghrib, who presented him with the Bank’s annual report Central on the economic, monetary and financial situation for the 2021 financial year.

In his address to the Sovereign, Jouahri indicated that despite a difficult international situation, the national economy was able to achieve a remarkable performance in 2021, with growth of 7.9%, thanks to the vaccination campaign, which experienced exceptional progress, and the economic recovery program launched by the Sovereign, in addition to the maintenance of monetary and budgetary stimulus and favorable climatic conditions.

This rebound in the national economy has generated, he said, a sharp rise in tax revenues, thus helping to reduce the budget deficit to 5.9% of GDP, while the recovery in the labor market is not was only partial.

On the other hand, he pointed out that foreign trade has recorded a remarkable improvement and transfers from Moroccans residing abroad have reached a record level of 93.7 billion dirhams, thus helping to contain the current account deficit. to 2.3% of GDP. The official reserve assets of Bank Al-Maghrib thus amounted to the equivalent of 6 months of imports. For its part, inflation came out at 1.4% instead of 0.7% a year earlier, mainly under the effect of pressures of external origin.

In this context and to support the recovery of the economy, Wali Bank Al-Maghrib specified that the Central BankBank Al-Maghrib maintained the accommodating orientation of its monetary policy and renewed the measures put in place in 2020 within the framework response to the crisis, thus contributing to the continuation of the downward trend in interest rates and maintaining the relatively sustained rate of bank lending.

He also indicated that on the foreign exchange market, while the Dirham rate remained within the fluctuation band, the Bank continued its efforts aimed at sensitizing economic actors, particularly small and medium-sized enterprises, to the risks change.

All in all, Mr. Jouahri affirmed that thanks to an exceptional mobilization, under the leadership of His Majesty the King, Morocco succeeded in resisting the crisis and ensuring a smooth return to normality of economic and social activity. . This helped boost confidence and restore hope of regaining, or even exceeding, pre-crisis economic and social performance.

However, as the world was about to enter the post-Covid era, he added, the outbreak of war in Ukraine further disrupted global trade and soaring prices and led to a deterioration economic outlook and heightened uncertainty surrounding them.

Faced with such an international environment, Mr. Jouahri argued that it is imperative that public authorities provide the necessary visibility to revitalize private investment and strengthen support for public action. This requires more transparency in the decision-making process, clear communication on the choices made and regular and objective evaluations of their implementation.

However, for many projects in progress, these prerequisites are not sufficiently taken into account. The case of education reform is an instructive example. Its implementation has undergone several changes, which may affect the mobilization necessary to achieve its ambitious objectives.

On another register, Jouahri indicated that the project of the generalization of social protection, launched by His Majesty the King, is cited today as an example by institutions and international partners. For its success and its completion on schedule, it is essential to carry out the parallel projects, which should make it possible to mobilize part of the necessary resources, such as the completion of the reform of the compensation system and the implementation of the unified social register. Moreover, the reform of the pension schemes is still partial and incomplete, while the financial balances of some of them are experiencing a worrying deterioration.

In this regard, he specified that potential margins would also reside at the level of several projects that the King has initiated. This concerns in particular the overhaul of the sector of public enterprises and establishments, for greater efficiency and a better contribution to the stimulation of investment and the operationalization of the Mohammed VI Fund for Investment, which would allow, parallel to the adoption of the investment charter project, to hope for a breath of fresh air for the national productive fabric, which needs it so much.

Moreover, and given the palpable consequences of climate change, Wali Bank Al-Maghrib pleaded for a change of paradigms in the development of policies to combat this phenomenon. According to him, it would therefore be advisable to opt for a holistic and above all firm approach to reinforce the consideration of climatic requirements as a fundamental constant of all public or private action.

Finally, Jouahri stressed that the world is about to enter a new era marked by profound paradigm shifts that successive crises have triggered or accelerated. Faced with this difficult environment, he recalled that the real assets of Morocco remain its national constants and its human capital. It is therefore imperative that all the stakeholders and the living forces of Morocco mobilize behind the King in a spirit and a spirit where the national interest takes precedence over any personal, categorical or partisan consideration, and this with a view to the long-awaited concretization the ambition to raise the Kingdom to the rank of emerging countries.

Abdellatif Jouahri, on this occasion, presented the Sovereign with the Central Bank’s annual report on the economic, monetary and financial situation for the 2021 financial year.


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