Fez - Measures taken by Morocco during the period of 2013-2014 gave investors more confidence.
Fez – Measures taken by Morocco during the period of 2013-2014 gave investors more confidence.
In an interview published by “Aujourd’hui le Maroc,” Moroccan Minister of Economy and Finance, Mr. Mohamed Boussaid stressed that these actions reduced the need to finance the Treasury as opposed to the last two years.
He adeed that the measures taken by the government to strengthen public finances in 2013- 2014 “have given investors a clearer vision and greater confidence.”
In this regard, the Minister highlighted the improved conditions of financing the Treasury during the first quarter of 2014. These improvements were marked by an increase in the size of Treasury bonds made available in the market, a lower interest rate and the re-positioning of investors in the medium and long terms.
In order to reduce the financial cost of domestic market, The Minister said that the government “resorts also to the active management of domestic debt, through the process of re-acquisition or exchange of treasury bonds.”
The minister added that the government is working, since last October, on reducing its short term debt and move towards the longer term.
“Morocco was successful in extending its debt to four years and four months in 2013 and to 5 years in 2014,” he noted
According Mr. Bousaid, the government will continue its gradual rationalization of tax expenditures, fight against fraud and control the informal sector.
Morocco’s economic outlook of growth this year, according to the Ministry of Economy and Finance, is expected to reach 4 percent. The unemployment rate is expected to reach around 9 percent.
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