King calls for 6 percent growth rate
Morocco, Economics, 11/17/1999

King Mohammed VI said it is necessary to endeavor to reach a 6% growth rate to meet the population's needs in the realms of education, health and infrastructure.

In a message to a conference held on the occasion of the 40th anniversary of the creation of the Moroccan financial system, the sovereign said serious new challenges, both internal and external, are facing the Moroccan economy and that economic globalization requires greater competitiveness and a firmer financial system.

The message also referred to the financial crisis in Asia and Latin America, which showed that to attract investments and integrate into the world economy, free trade and privatization are not enough. More measures are needed, said the like, like consolidating the productive fabric, endowing the economy with means to resist external shocks and establishing a strong and efficient financial system.

The king also called the conference to ponder on how to adapt the central bank to the evolutions of the international financial system, mobilize savings and use them in investments, make of the stock market an efficient tool in financing investments, and promote the banking system in a way that enables small and medium-sized enterprises to obtain funds to improve their international competitiveness.

The one-day conference was an opportunity to ponder on the future of the Moroccan financial and monetary system and assess the adjustments made over 40 years.

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