IMF encourages Morocco to implement structural reforms program to enhance competitiveness

"I have encouraged the Moroccan authorities to pursue difficult fiscal reforms to implement a program of structural reforms to enhance competitiveness, improve the business climate and create more jobs," said Lagarde at a press briefing. "Morocco has considerable potential, but must overcome a number of obstacles to accelerate growth," said the IMF chief, stressing the need to work towards a consensus on the most important reforms, such as subsidies and pensions.

Lagarde welcomed the progress made by Morocco and the significant steps taken recently to reduce economic imbalances, including the reform of subsidies and the development of social programs for the poor. "Morocco's economic performance improved in 2013 despite a difficult international juncture. Sound public policies, in addition to the decrease in international oil prices, has helped reduce the budget deficit by nearly 2 pc of GDP to 5.4 pc," she explained.