Rabat – The Wali (governor) of the Moroccan Central Bank, Abdellatif Jouahri, has emphasized Morocco’s economy’s resilience in the face of global crises, saying that the country’s political stability and important reform program largely contributed to the Financial Action Task Force’s (FATF) decision to remove it from its “Grey List.”
The central bank governor made the statement on the sidelines of the annual national conference on business climate, which was held today in Rabat.
According to Jouahri, while investment has always been important in Morocco, it is now more important than ever in the post-covid age, which is characterized by a global crisis and a series of adverse shocks.
Citing the successive shocks that have hit the world in the past three years, Jouahri said: “The aftermath of the pandemic is intertwined with the implications of the war in Ukraine, including supply chain disruptions, rising inflation, higher interest rates, a slowdown in economic activity, and most recently, the onset of what could become a banking crisis in the US.”
Despite Morocco’s structural performance remaining below expectations, Jouahri stressed that it has shown remarkable resilience which he attributed to Morocco’s years-long reform efforts.
The central bank’s governor highlighted Morocco’s assets, including its political stability, important reform agenda, solid and competitive banking system, as well as a privileged international positioning.
“It is thanks to these assets that our country is reaping notable successes,” Jouahri remarked, citing the FATF’s decision to remove Morocco off its “Grey List.”
Morocco’s Removal From the Grey List
Last month, the FATF announced its decision to remove Morocco from its “grey list,” signifying that the country is no longer being monitored for suspected money laundering as well as proliferation financing, or terrorist financing.
Welcoming FATF’s announcement, Morocco’s Head of Government, Aziz Akhannouch, highlighted that the decision “will strengthen Morocco’s image and its positioning in negotiations with international financial institutions, as well as the confidence of foreign investors in the national economy.”
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In his comments at the conference the central bank’s governor also underlined international institutions’ confidence in Morocco, citing the hosting of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) next October in Morocco.
Jouahri went on to say that he hopes the IMF approves Morocco’s request for a $5 billion credit line. “We are hopeful that the IMF will soon approve our request for a Flexible Credit Line (FCL), which would be evidence of the soundness of Morocco’s economic policy frameworks,” he added.
The conference, chaired by Akhannouch, is organized around the theme “A new generation of reforms,” with a key focus on mobilizing stakeholders around a strategic roadmap for strengthening the business environment by 2026.
The conference brought together more than 350 people, representing all major stakeholders in the Moroccan economy. It serves as an opportunity to strengthen the public-private dialogue and reaffirm the commitment of all stakeholders to improve investing and entrepreneurship for Morocco’s economic recovery and development.
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