Morocco calls Britain to swap its debt
Morocco-UK, Economics, 3/10/2000

Morocco on Wednesday called Britain to swap the debt Rabat owes to London.

Such a move will help alleviate Morocco's debt to UK, Moroccan economy and finance minister, Fathallah Oualalou, said at a meeting with Lord Levy, envoy of British premier Tony Blair to King Mohammed VI.

Morocco had reached swapping agreements with France, Spain and Italy, which agreed to convert part of Morocco's debt into investments.

Morocco's overall debt has been downsized to $ 18 billion against $ 23 a few years ago.

Oualalou urged Britain to consolidate investments in Morocco through financing small and medium firms.

Textile is among the major fields of partnership offered to the Moroccan and British private operators, the minister said, after surveying Morocco's efforts to modernize its industrial fabric.

Levy, who is currently on a six-day visit to Morocco, voiced London's readiness to promote partnership between the two countries' economic operators.

Levy was received Wednesday by King Mohammed VI to whom he handed a message from Tony Blair.

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