Rabat - Abdellatif Jouahri, the governor of Bank Al-Maghrib (BAM), Morocco’s central bank, has called for radical reforms and a new developmental model adapted to the country’s current problems, saying that the North African kingdom “needs an economic leap forward” to address its numerous economic and social issues.
Rabat – Abdellatif Jouahri, the governor of Bank Al-Maghrib (BAM), Morocco’s central bank, has called for radical reforms and a new developmental model adapted to the country’s current problems, saying that the North African kingdom “needs an economic leap forward” to address its numerous economic and social issues.
Speaking at the behest of King Mohammed VI on Sunday, Jouahri noted Morocco’s improving banking sector. The King had called for a meeting of ministers and high-ranking officials hours prior to his traditional Throne Day speech on Sunday, July 29. According to BAM’s governor, the flow of investments and a strong global economy allowed Morocco’s economy to grow at an impressive pace of 4.1 percent in 2017.
“This improvement led to the creation of an important number of jobs,” Jouahri explained. He noted that despite the surge in job creation between 2017 and 2018, the volume of Morocco’s needs made the country’s positive economic outlook “insufficient.” He said Morocco failed to satisfy the growing demands of an increasing number of job seekers.
While the country’s current inflation rate and investors’ confidence point to a positive economic atmosphere, Jouahri said Moroccan authorities should adapt the economic development model to present challenges.
According to BAM’s governor, formulating such an up-to-date economic model should involve a revision of the Morocco 2030 plan to refocus on promoting education, specialized training, and social inclusion in all crucial sectors.
Jouahri advocated for revised retirement regulations and more assistance to low-income families, saying that wages and retirement pensions should be adjusted to the inflation level to have “wages that reflect prices” and ensure “social cohesion, effectiveness, and productivity.”
“Morocco needs to leap forward by mobilizing all its driving forces to provide an economic climate conducive to investments, economic growth, and job creation.”
Jouahri’s plea was hours later followed by King Mohamed VI’s Throne Day speech in commemoration of 19 years of leadership since he ascended to the throne in 1999. The King urged immediate action to tackle the country’s social and economic problems.
The King called on government officials, political institutions, and all “important national stakeholders” to help bridge the widening inequality gap and mitigate social exclusion by implementing effective policies and promoting a sincere and inclusive social dialogue.