Asian crisis directly impact Moroccan economy, minister says

The financial crisis that hit Asian countries impacted several world economies, including Morocco's, the Moroccan civil service and administrative reform minister Aziz Hussein said.

The crisis that has affected world economies since last summer directly impacted on Morocco's traditional markets and on the Moroccan stock market of Casablanca, Hussein told a meeting in Rabat themed "budget Balance and Economic Fluctuations," MAP reported.

Hussein disclosed that the Casablanca financial market recorded a drop of 10 %, entailing thus a "relatively adverse" impact on the flow of foreign capital into the Moroccan market.

The government is determined to base its programs on a solid financial foundation that will take into account the requirements of the global economic and financial balances, he said. Such a vision was embodied in the 1998-99 appropriation bill which targets to downsize the budget deficit to 3 % of the GDP.