Moroccan official pleads for fair distribution of wealth

Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, pleaded here Tuesday for a fair distribution of wealth and for struggle against economic marginization.

Oualalou who was addressing here Tuesday the opening session of the 26th annual meeting of the Islamic Development Bank (IDB) governing board, called for enhanced cooperation and solidarity between Islamic states and stressed the need to fight injustice in wealth distribution, while promoting sustained development and creating conditions for equality of chances between the north and the south.

He also called for the promotion of political justice in the world and for banning excesses, laying a special emphasis on the plight of the Palestinian people.

Oualalou equally pleaded for further assistance to the Muslim people of Afghanistan and said Morocco backs the initiative made in this respect by IDB governing board.

The Moroccan official urged the Islamic financial institution to seek new financing sources on the international financial markets to meet the needs of its member states. These needs are to amount to $ 740 billion over the coming ten years, Oualalou said, urging the IDB to take up the challenges of world competitiveness through modernizing structures and promoting human resources.

Oualalou also hailed the IDB positive role in promoting the economic and social development of member states and recalled that the IDB has so far injected $ 23.5 billion in development and investment projects and trade deals, including $ 2.6 billion in 2000, and granted $ 137 million as non-reimbursable assistance to the benefit of Islamic states and Muslim communities.

Oualalou left Algiers this Wednesday morning. Other members of the Moroccan delegation are still attending the IDB meetings, to wind up this afternoon.