Moroccan minister holds talks with WB, IMF officials

During his stay in Washington where he took part in the World Bank-International Monetary Fund spring session this Apr.16-17, Moroccan Finance and Economy Minister Fathallah Oualalou held a series of meetings with top World Bank officials, including James Wolfensohn, president of the WB group.

Oualalou also met the WB vice-president, Kamel Dervis and the head of the Middle East department at the International Monetary Fund.

The minister surveyed the evolution of Morocco's financial and economic situation, highlighting major micro-economic developments, progress in the external debt management, the increase of foreign investments and the consolidation of the country's hard currency reserves.

He also stressed that Morocco expects that despite drought effects, the growth rate would stand at 3% due to a good performance of secondary and tertiary sectors, mainly housing, information technology, tourism and processing industries.

He went on that 2000 will also see the launching of the first projects financed by the Hassan II economic and social development fund in addition to the enforcement of education reforms. He further explained that reforming the education system, alleviating drought effects, supporting the healing of some specialized financial institutions, dismantling customs barriers due to the enforcement of the Morocco-European Union association agreement and the projected fiscal measures to encourage investments will result in an additional burden on the state budget.