Morocco projects 3% growth rate in 2000

Morocco will post a growth rate of 3% in 2000, Moroccan Economy and Finance Minister Fathallah Oualalou said on Wednesday.

The year 2000 should be that of generating jobs and backing economic activity, the minister told the National Money and Savings Council. He added that Morocco is currently facing a serious drought for the second year in a row.

He recalled the package of measures adopted by the government to face up the adverse effects of drought, including a $650 million program.

Agriculture, which contributes 20% to Morocco's gross domestic product, is facing a very critical situation, especially in non-irrigated areas, due to the shortage of rainfall.

The government will boost the flow of investments and will try to efficiently use the mobile phone receipts, Oualalou said.

Morocco had sold its second mobile phone license to a Spanish-Portuguese consortium for $1.08 billion.