Ministers' council adopts 2001 draft finance bill

Morocco's Minister of economy, finance, privatization and tourism Fathallah Oualalou made a presentation before the ministers' council chaired Thursday by King Mohammed VI on the 2001 draft bill which received royal approval.

The minister highlighted economic forecasts for the 2001 FY which target an 8% growth rate corresponding to an average agricultural campaign, an inflation rate of 2.5% of gross domestic product and budget deficit of 3%.

The draft bill is meant to face challenges of growing competition in an environment of globalization and market overture requiring upgrading of public institutions, administrative reform, promotion of investments with priority to promising sectors that could act as engines for development such as tourism, sea-fisheries and the new economy.

This could be achieved taking into account the necessity for a stronger social fabric, job creation especially for university graduates, the fight against poverty and wider access to the lowest layers of society to medical-care, education and basic equipment in rural areas.