France to swap 700 million FF of Moroccan debt
Morocco-France, Economics, 11/6/1999
France agreed to swap next year 700 million French Francs (F.F) of the debt Morocco owes to Paris, following a decision by the Paris club to lift the swap ceiling from 20 to 30%.
This was announced in a joint communique made public Friday at the end of the third annual meeting of the Moroccan-French High Joint Commission.
Part of the backing to the management of Morocco's debt, France agreed to continue next year the commitment of the French Development Fund to Morocco's development projects at 350 million F.F.
Rabat and Paris also agreed on "the need to renovate their cooperation frame for a greater efficiency."
The two sides voiced hope to give "a strategic partnership dimension" to their economic and commercial ties to help Morocco face up the challenges of the Association Accord Rabat concluded with the European Union.
The consolidation of the Moroccan private sector's competitive edge and the reinforcement of the North African nation's infrastructures will be one of the major axes of the French-Moroccan economic and financial partnership.
The High Joint Commission's meeting was crowned with the conclusion of five cooperation conventions, including a 200 million F.F financial protocol for the Moroccan state-owned railway company (ONCF).
French Prime Minister, Lionel Jospin --who cochaired the commission's works with Moroccan peer, Abderrahmane Youssoufi-- said Paris defends Morocco's interests within international financial institutions, including the Paris club.
He added that his country adopts a co-development approach with the prime objective to affix candidates to illegal immigration in their countries of origin.
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