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Le FMI évalue positivement le maroc

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  • Le FMI évalue positivement le maroc

    Selon le dernier rapport du FMI sur le maroc,celui ci a réussi après 10 années de reformes dures a mettre sur les rails les conditions d'une croissance économique durable,avec un nette amélioration des conditions macro économiques,un secteur bancaire assaini et performant,et une économie ouverte sur l'international
    les priorités dans le futur seront une reforme fiscale globale pour une meilleure justice face aux impôts,l'introduction de nouveaux outils et produits financiers,et une meilleure intégration dans le contexte régional.

    On October 11, 2006, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Morocco.1

    Background

    Macroeconomic conditions continue to strengthen and the 2006 outlook is favorable, with increased private sector confidence in the Moroccan economy. A bumper crop and continued strong activity in services and construction are ushering in a recovery, following a slowdown in growth in 2005 caused by unfavorable weather conditions. The external current account is expected to record its sixth consecutive surplus. Strong tourism receipts, workers' remittances and the recovery of textile exports will offset the upsurge in the energy bill. External reserves, at more than US$18 billion, continue to exceed the total stock of public external debt. Price pressures remain subdued, and recent evidence suggests that the dirham is not misaligned.

    The fiscal position is improving but the ratio of public debt to GDP, though declining, remains high. Despite a buoyant revenue performance, the fiscal deficit is likely to be close to the 2006 budget target of 4.1 percent of GDP (down from 5.9 percent in 2005) because of continued expenditure pressures stemming mainly from oil and food subsidies (1.6 percent and 0.8 percent of GDP in 2005, respectively). The authorities have started to implement their medium-term fiscal consolidation strategy, which aims at reducing the fiscal deficit to 3 percent of GDP and bring the public-debt-to-GDP ratio below 60 percent. The successful 2005 voluntary early retirement scheme should help curb wage bill growth. Following the three increases that have taken place since 2005, the authorities plan on continuing to gradually align domestic prices of petroleum products with international prices. They are also designing a strategy to reduce the fiscal cost of food subsidies by better targeting them to the most vulnerable groups.

    Monetary policy has adequately managed the excess liquidity conditions, and the central bank continues to strengthen the operational framework for monetary policy and its transparency.

    Banking sector conditions have improved following significant write-offs of nonperforming loans and the near completion of the restructuring of two state-owned banks. The authorities have also taken steps to improve the availability, accuracy and transparency of financial information in order to strengthen financial intermediation.

    Morocco has made considerable progress in trade liberalization; next steps include tackling remaining obstacles to trade and increasing trade in services.

    Morocco subscribed to the Special Data Dissemination Standard in December 2005, and continues to improve the quality and dissemination of statistical data and increase the transparency of economic policy. The authorities published the recent staff mission statement and intend to publish the 2006 Article IV Staff Report.

    Executive Board Assessment

    Directors agreed with the thrust of the staff appraisal. They commended the authorities on their implementation of sound macroeconomic policies and structural reforms. Directors noted that, in recent years, these policies had supported the acceleration of non-agricultural growth in an environment characterized by low inflation and comfortable international reserves, and the steady rise of per capita income.

    Directors viewed that, with macroeconomic conditions strengthening, short-term prospects are favorable. They shared the authorities' view that the current sound macroeconomic environment provides an opportunity to capitalize on recent achievements and advance the reform process in order to accelerate growth to levels that would support an increase in employment and a substantial reduction in poverty. To this end, Directors supported a strategy of medium-term fiscal consolidation, enhancing the efficiency of financial intermediation, and deepening Morocco's integration into the global economy.

    Directors noted that fiscal consolidation should be the top policy priority. They agreed that Morocco's fiscal strategy for gradually reducing the deficit to 3 percent of GDP over the medium term is appropriate. Directors welcomed the ongoing reform of the tax system and noted that a simpler and more transparent tax system and strengthened administration would help broaden the tax base and increase revenue. While they congratulated the authorities on the success of the 2005 early retirement program for civil servants, Directors stressed that the credibility of the fiscal strategy will depend on the authorities' ability to curb wage bill growth and reduce the fiscal cost of oil and food subsidies. Directors urged the authorities to seize the opportunity of the 2007 budget to send a strong signal on their commitment to fiscal consolidation.

    Directors supported the authorities' intention to prepare for a possible transition to a more flexible exchange rate regime. They welcomed the increased independence of the central bank, and the central bank's efforts to strengthen the monetary policy framework, with a view to possibly adopting inflation targeting in the medium term. In this context, Directors stressed the importance of further fiscal consolidation and development of money and exchange markets.

    Directors commended the authorities for having taken measures to strengthen the financial sector, in line with the 2003 Financial Sector Stability Assessment, and welcomed the emphasis placed on improving the efficiency of financial intermediation. They found that the measures implemented by the central bank to improve the availability, accuracy, and transparency of financial information were helpful in this regard. Directors encouraged the authorities to develop further alternative financing instruments, such as stock and bond markets. They looked forward to the adoption of the draft anti-money laundering law that was submitted to parliament.

    Directors welcomed Morocco's progress achieved in trade liberalization, including active participation in regional integration efforts, and supported the authorities' policies to further integration in the world economy. They agreed that appropriate next steps would be to tackle remaining obstacles to trade and increasing trade in services.

    It is expected that the next Article IV consultation with Morocco will take place on the standard 12-month cycle.


    http://www.imf.org/external/np/sec/pn/2006/pn06115.htm

  • #2
    pour une fois que c'est positif

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    • #3
      pour une fois que c'est positif

      Oui,pour un fois que c'est positif avec toute la série noire des rapports et contre rapports des dernières semaines,ça va encore faire grincer les dents d'éternels pessimistes comme Aboubakr el jamai du journal hebdo qui va encore nous faire sortir un beau éditorial sur la rapport téléguidé par rabat et fait par le FMI.

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      • #4
        Oui ..... Aboubakr El Jamii

        Quel gachi

        Il aurait pu être un Hasanin Heikel marocain s'il avait été plus intelligent

        mais dommage , il a plongé dans la sinistrose demagogique ce qui en ce qui me concerne l'a complétement discrédité
        .
        .
        ''La pauvreté ne sera plus séditieuse, lorsque l'opulence ne sera plus oppressive''
        Napoléon III

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        • #5
          le journal hebdo ne s'aventure pas sur le terrain economique. il a raison de ne pas le faire car là nier l'evidence ca le decredibilserai sa bataille est seulement politique politicienne, surtout que les vrais poltiques ont deserté le champ politique. Aboubakr Jamai lutte pour une monarchie à l'espgnol c'est son seul combat et tous les jours
          sur certaines choses il n'a pas tort, mais il n'a pas non plus raison completement, et c'est sain d'avoir des debats contradictoires, ca permet d'avoir des decisions équilibrées. ce qui est regrettable c'est que ce debat ne soit pas entre les politiques, mais entre une presse et le palais. meme si le palais répond au journal par le silence c'est un debat quand meme

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          • #6
            Vu le vide que connaît la scène journalistique ,les premiers venues seront les premiers servis,ce que je regrette toutefois c'est l'absence au maroc et dans le maghreb en general d'organisations non gouvernementales suffisamment médiatisées pour avoir un avis de poids sur les questions économiques et sur touts les rapports comme celui du FMI par exemple.

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            • #7
              pour les journaux marocains j'aime bien lire al ahdat al maghribiya en arabe ça me permet de perfectioner mon catastrophique arabe classique
              et puis TelQuel comme magazine

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