Rabat wants washington to swap Moroccan debt

Morocco voiced hope that the USA would follow other European countries that have agreed to swap Moroccan debt.

The wish was expressed by Moroccan secretary of state in charge of cooperation, Ms. Aicha Belarbi, during a meeting with U.S Congress Democrat and Republican Staffers.

Morocco had already concluded accords with Spain and France providing for the swapping of Moroccan debt to Madrid and Paris.

In December 1996, Spain decided to convert 520 million dollars of Moroccan debt into investment projects in the country. The sum represented 40 percent of Rabat's overall debt owed to Madrid which stands at 1.3 billion dollars.

Earlier in 1996, France had opened the way for the reconversion of Moroccan debt when it decided to convert 600 million French Francs FF (120 million dollars) into French participation in some Moroccan public and semi-public firms. In addition to this sum, France had canceled 400 million FF (80 million dollars) of Moroccan debt to France, which stands at 24 billion FF (4.8 billion dollars).

Ms. Aicha Belarbi also surveyed Morocco's economic potential and called for intensifying trade exchanges between Morocco and the USA. She stressed the need for more U.S investments in Morocco.

Ms. Belarbi noted that Morocco plays a key role in any regional development strategy in view of its strategic location and its policy founded on tolerance and dialogue.

The U.S delegation hailed the ongoing democratization process in Morocco and expressed backing to the Moroccan socialist-led government.

The staffers, who also conferred with Moroccan human rights minister Mohamed Aujjar, visited the Moroccan southern city of Laayoune, where they were briefed by local authorities on the various and outstanding economic and social development projects conducted in the Moroccan Sahara since it was retrieved in 1975.