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Rabat – On the eve of Throne Day, King Mohammed VI received on Sunday Governor of Bank Al Maghrib Abdellatif Jouahri and Head of Auditors’ Court Driss Jettou, and both presented the monarch with their annual reports.
During his meeting with the King, Jouahri discussed Morocco’s financial situation in 2017, emphasizing that the domestic economy grew at a rapid rate last year. The local economy expanded by 4.1 percent, owing to good climatic conditions for agriculture and overall economic recovery.
According to the head of Bank Al Maghrib, the improving economy helped establish job opportunities in the North African country. However, job growth was not enough to curb unemployment, thereby increasing the unemployment rate.
Jouahri added that the fiscal deficit narrowed to 3.6 percent of Gross Domestic Product (GDP), and the current account deficit eased to 3.4 percent of GDP.
The balance helped the country maintain international reserves at a level providing coverage for approximately six months of imports.
The inflation rate slowed to 0.7 percent in 2017.
Progress below expectations
Despite economic growth throughout 2017, Jouahri said that the progress made by the country did not meet expectations. Non-agricultural activity remains behind.
Jouahri also said that private investment is still limited despite the incentives Morocco grants and its public spending.
“Our country needs not only to pursue and enlarge the scope of reforms, but also and more particularly to see to their successful implementation within the set deadlines,” he added.
Jouahri then gave an example of the education system, emphasizing that its goals have not been achieved yet.
Jouahri believes that Morocco’s reform of the subsidy system should be finalized and generalized as part of a comprehensive policy to establish price reality and provide support for the poorest households.
The official did not deny that the country has achieved progress in terms of stability, regional positioning, and investment attractiveness, but he called for a real economic takeoff and a massive mobilization of its dynamic forces to enable stronger growth and job creation.
Jettou’s report
Driss Jettou, whose revealing 2017 report brought down several officials involved in development projects in Al Hoceima, presented the monarch with the Court of Auditors’ report for the years 2016-2017, in accordance with Article 148 of the Constitution and Article 100 of Law 62.99 forming the financial court’s code.
Jettou said that his department conducted 160 audit missions and made 2,668 decisions regarding the accounts, as well as 215 decisions on budgetary and financial discipline.
He recommended that support programs ensure sustainable development and balanced growth across various sectors.
