The Great Speach of Jouahri before the King

In his address to the King, Abdellatif Jouahri, Wali of Bank Al-Maghrib (BAM), said that through the assessment of the year 2019, which concludes that of an entire decade, it appears that despite the strengthening of its external position thanks to its stability, Morocco shows an insufficient internal performance. It is this same observation that led HM King Mohammed VI to set up the Special Commission on the Development Model.

He noted that in 2019 the growth of the national economy slowed down by 2.5 percent, noting, however, that the unemployment rate declined to 9.2 percent. This was achieved through the creation of a significant number of jobs in the service sector. 

A Variety of Projects to Be Implemented 

According to the Wali of the Central Bank, economic resilience requires enhancing the competitiveness of the economy and accelerating its growth. For this purpose, it would be necessary to put in place a new generation of large, coherent and harmonious sectoral plans. Such plans could serve as a pillar of the development model in its new version as called for by His Majesty the King Mohammed VI. Several cross-cutting reforms must therefore be pursued, including the new investment charter, the deployment of the new framework for public-private partnerships, the advanced regionalisation process, the reform of the civil service and the reform of retirement systems, he said.

In addition, he said that the deployment of the framework law on the strategic vision of education and training requires considerable human and material resources, as well as the mobilization of all stakeholders to meet their commitments, while ensuring its implementation within the time limits.

The Governor of BAM recalled that it is essential to speed up the establishment of the legal and regulatory framework for the implementation of the orientations set by the Environment Charter. Furthermore, he indicated that the current crisis is an opportunity to seize the opportunities offered by new technologies and recognize the need to accelerate the implementation of a comprehensive digital strategy taking into account the coherence and complementarity of stakeholders.

The conclusions of the Commission on the Sovereign’s Development Model should, according to the Wali of BAM, contribute to the formulation of a new post-crisis vision.

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