King Mohammed meets World Bank president, IMF director
Morocco, Economics, 4/23/2002

Morocco's King Mohammed VI who started Monday a work visit to the United States received in the afternoon at his residence in Washington, president of the World Bank, James Wolfensohn.

During the meeting, the sovereign voiced appreciation for the sustained and outstanding cooperation the World Bank has developed with Morocco and invited James Wolfensohn to pay a visit to Morocco in the coming weeks to look into the new economic projects wherein the international financial institution might be associated.

King Mohammed VI congratulated Wolfensohn for the action conducted by the World Bank to help the Palestinian authority cope with the situation entailed by the Israeli occupation.

The sovereign equally voiced backing the World Bank initiative to conduct a large-scale action to help foster the dialogue of cultures and civilizations.

Morocco will participate in the first meeting on this topic scheduled to be held in Washington on May 2.

Wolfensohn told reporters after the meeting that the international financial institution is confident in the initiatives that King Mohammed VI has conducted since his accession to the throne in all sectors.

He said he discussed with the sovereign issues pertaining to Morocco's economic and social development as well as the relations existing between the World Bank and Morocco.

He said the sovereign told him of his worry over the situation prevailing in the Middle East.

Wolfensohn announced that he would make a trip to Morocco next summer to further discussions on the issues raised at this meeting and on relations between the financial institution and Morocco.

During the meeting, Wolfensohn was accompanied by vice-president for the Middle East and North Africa, Jean Louis Sarbib, director for North Africa, Christian Delvoie, Director in charge of economic and social development, Mustapha Nabli, and John Balafoudis, one of his close aides,

On the Moroccan side, the meeting was attended by minister of foreign affairs and cooperation, Mohamed Benaissa, the sovereign's advisors, Mohamed Kabbaj and Andr? Azoulay, Director of the Royal Office, Mohamed Rochdi Chraibi, and minister of economy, finance, privatization and tourism, Fathallah Oualalou.

King Mohammed VI received in the afternoon at his residence in Washington, director general of the International Monetary Fund, Horst Kohler.

Talks mainly covered the evolution of Moroccan economy and prospects of regional cooperation.

The sovereign voiced satisfaction over the interest the IMF grants to the need to promote economic integration among the countries of the region.

Kohler confirmed he would shortly pay an official visit to Morocco at the invitation of the sovereign.

He told reporters his talks with the sovereign evidenced a convergence of standpoints as to the need to deepen structural reforms in Morocco.

Kohler, who hailed the reforms initiated by the Moroccan government, mainly in matters of investments, expressed confidence that these reforms will bear fruit in the mid-term and called for further efforts to diversify Moroccan economy to lessen its dependence on tourism and agriculture.

He equally stressed the need to promote the efficiency of the administrative apparatus, mainly the tax system, to secure a sound macro-economic frame and to establish a balance between revenues and expenditure to enable the country benefit from the economic climate favorable to investments it enjoys.

During the audience, Kohler was accompanied by IMF administrator, Mohamed Dairi, Director for the North Africa and the Middle East, Paul Chabrier, assistant director for the Middle East, Pierre Dhonte, and director of the Middle East department, Michel Lazare.

The meeting was attended, on the Moroccan side, by minister of foreign affairs and cooperation, Mohamed Benaissa, the sovereign's advisors, Andr? Azoulay and Mohamed Kabbaj, Director of the Royal Office, Mohamed Rochdi Chraibi, and minister of economy, finance, privatization and tourism, Fathallah Oualalou.

Previous Stories:
  King Mohammed appoints new chief of telecom regulatory body   (4/19/2002)
  Arab fund extends Morocco $ 30 million loan   (4/17/2002)
  World Bank grant Momorocco two loans worth nearly $ 100 million   (4/12/2002)
  IMF commands macroeconomic stability in Morocco   (8/4/2001)
  Oualalou in washington to attend WB-IMF spring session   (4/30/2001)
  Lahlimi meets world bank officials in Prague   (9/28/2000)

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