Rabat, June 20, 2013 (MAP)
Rabat, June 20, 2013 (MAP)
The quarterly meeting of the Board of Bank Al Maghrib and the messages sent by the governor of the central bank to the government majority components are the main subjects addressed by the editorials of the Moroccan dailies issued on Thursday.
Under the title “status quo”, Aujourd’hui le Maroc writes that Bank Al Maghrib eventually kept its key rate unchanged at 3 per cent, arguing that “a change in the key rate would have been welcome, given its economic effects and its impact on consumption.”
“This status quo seems somehow logical and understandable. It is logical because it is necessary not to take hasty measures even when growth forecasts are positive. And understandable since it is now clear that we must challenge these decisions relying on domestic demand to inflate growth figures,” it says.
Rissalat Al Oumma indicates that this is the first time that the governor of Bank Al Maghrib, Abdellatif Jouahri, has got out of his silence about the political and governmental crisis for several weeks following a disagreement between the PJD and the PI.
It adds that the governor of the central bank has deemed it necessary to give his view on the crisis that has severely affected the business climate and the economic situation of the country, to the point that a number of international financial institutions have sounded the alarm and warned Benkirane and his government against the slow progress in the implementation of reforms, in order to avoid a new structural adjustment programme.
The editorial points out that the most striking statement of Jouahri is that he deemed, this time, that the national economy’s growth and the preservation of macroeconomic balances hinge on political stability. Yet, this condition is not met in the current government, which is undergoing differences between its main components.
Akhbar Al Yaoum Al Maghribia writes that the Head of Government Abdelilah Benkirane is mistaken if he believes that the crisis in the government majority and the attacks suffered by his team from the SG of the Istiqlal party, Hamid Chabat, is a mere storm in a teacup.
It adds that the governor of Bank Al Maghrib’s statements were explicit in emphasizing the importance of a consistent and coherent coalition which demonstrates seriousness in the management of the country’s affairs to give a positive image of the Kingdom and allay any concerns among domestic and foreign economic actors, international financial institutions and rating agencies.
In another subject, L’Economiste writes under the title “lost ground”, that “every spring, the Davos Forum conducts a survey with 14,000 business leaders in a dozen countries to measure the level of competitiveness.”
“Here, we must recognize that Morocco is not in the mainstream, as it was,” it says, adding that this report is concerned less than before with administrative procedures, which means that the world has made such progress that the issue has lost its importance in the choice of investors, local and international alike.