Finance minister blames economy ailments on low growth, poverty, heavy debt

The Moroccan economy and finance minister, Fathallah Oualalou, has said that low growth rate, poverty and heavy debts are the major cause behind the malfunctioning of the Moroccan economy.

Growth rate stood at 6.5% last year to fall to 0.2 % this year, Fathallah Oualalou told the Chamber of Advisors, upper house of parliament on Tuesday.

This fluctuating growth depends largely on the cyclic drought, he said, adding that first indicators help say that Morocco will post a higher growth this year.

Poverty, which grew in the last decade, and the heavy external debt are other factors contributing to the ailments of the Moroccan economy, Oualalou said, before adding that Morocco recorded in the past two years tangible progress towards the downsizing of its debt. This progress is translated by an increase in the country's currencies reserve, which stands now at $ 6 billion.

Investments increased last year by 16% and 6 % this year, he said, adding that Morocco has managed to control its macroeconomic balance.