Morocco calls for Euro-Med, Euro-African solidarity to handle debt issue

Morocco on Friday called for a Euro-Mediterranean and a Euro-African solidarity to handle the issue of debt.

The call was made by economy, finance, privatization and tourism minister, Fathallah Oualalou, at a meeting in Paris of the Socialist International on indebtedness.

Oualalou underlined that the drastic structural adjustment policies, prescribed by the Paris and London clubs on heavily indebted countries, part of the debts rescheduling mechanisms, merely postponed the charges that grew even more unbearable.

The official called on rich countries to open their markets to developing nations' products and to reinvigorate financial cooperation to make these nations more attractive for external investments.

Globalization has contributed to worsening poverty and exclusion, Oualalou deplored, saying more interest should be granted to intermediate-revenue countries, that are implementing political and economic reforms and whose means can help them integrate international trade.