Morocco Pleads for Shared Responsibility to Mitigate Economic Crisis

Rabat – Speaking at the opening ceremony of the European Bank for Reconstruction and Development (EBRD)’s 31’st annual meeting, the head of Morocco’s government Aziz Akhannouch called for the urgent need to unify international efforts, “in a spirit of shared responsibility,” to find solutions to the global economic crisis.

The meeting, which officially opened on Wednesday in Marrakech, focuses on the impact of the COVID-19 virus and the war in Ukraine on the global economy in the EBRD region, as well as on challenges and future prospects.

At the meeting, Akhannouch called for solutions for the war’s economic disruptions, particularly focusing on middle and low-income countries that suffer from an imbalance in supply and demand.

The head of Morocco’s government recalled his country’s efforts toward domestic economic recovery. “Morocco is committed to the activation of an ambitious economic recovery plan, aimed primarily at achieving a qualitative leap in the restructuring of the national economy,” he said.

To ensure Morocco’s advancement with its economic recovery project, the North African country focuses on establishing “an attractive business environment” that promotes private investment in both Morocco and abroad, Akhannouch added. He further highlighted the country’s efforts in simplifying administrative procedures and promoting the financial sector.

President of the EBRD Odile Renaud-Basso reiterated the investment bank’s commitment to addressing the global economic crisis, saying that “the EBRD is fully mobilized to overcome the challenges created by the war in Ukraine.”

The Russian-Ukrainian war has severely affected already rising global food and energy prices, threatening many countries’ food security and economic growth.

Renaud-Bassou recalled EBRD’s effort in this regard, as the European investment bank has allocated 2 billion euros ($ 2 billion) to Ukraine and other countries affected by the war in order to counter its impact.

Even though Morocco’s economy substantially recovered in 2021 following a pandemic-induced setback, the ongoing war in Ukraine coupled with the global economic downturn and climate change caused the country’s Gross Domestic Production (GDP) to average 1.2% in 2022.