Moroccan minister expounds economic efforts, cuts applications processing time from days to hours

Moroccan minister of economy and finance, Fathallah Oualalou expounded on Tuesday Morocco's economic assets and efforts to clear up the economic and financial environment.

Oualalou, who was addressing a panel of French businessmen, said the Moroccan socialist-led government embarked on a process of serene modernity within a democratic frame, decided by King Hassan II.

The Minister, who noted that Moroccan enterprises positively responded to the message of the alternation government, added that this partnership is also sought with European partners in general and the French ones in particular.

Touching on the state of the Moroccan economy, Oualalou recalled that the budget deficit was brought down to less than 3 percent and the inflation rate was curbed to 2.8 percent. He added that Morocco expects a growth rate of 6.7 percent in 1999 and of 6 percent in 2002-2003.

He noted that Morocco made an outstanding effort to lower the rate of the external debt to 52 percent of the Gross Domestic Product (GDP) from 120 percent in 1984.

Oualalou also assured the French investors that a tremendous progress has been achieved in the working methods of the Moroccan customs department in terms of the time used to treat files.

During the few past months, applications have been processed in less than 24 hours instead of 3 days. The duration will be brought down to less than 10 hours, he said.