IMF and WB prescriptions to morocco criticized

A Moroccan economist has criticized the prescriptions made to Morocco by the Bretton Woods institutions (World Bank -WB- and International Monetary Fund IMF).

"The international financial institutions want us to implement instructions, such as currency devaluation, and plunge into full liberalism," Mohamed Benjelloun told a local weekly, deploring the IMF and WB's tendency to "dictate on us what we should do."

These institutions tend to impose on developing nations instructions "to encourage them embark on the new era of globalization," he said, adding that the WB-IMF prescriptions pay no heed to the side-effects that may befall these nations, citing inflation, currency devaluation and social upheaval.

"We cannot implement these instructions as they are prescribed," he said, noting that Morocco has so far implemented a "positive" monetary policy that helped reduce inflation to less than 1% of the GDP despite two consecutive dry seasons.