Morocco:Budget deficit expected to reach 5.5% of GDP in 2013

"These forecasts could be revised according to the corrective measures to be taken by the government, particularly with regard to the compensation fund,"  the Governor of Bank Al-Maghrib, Abdellatif Jouahri said on this occasion.

"The 2012 data shows a widening fiscal deficit, excluding privatisation receipts of 7.6%, due in particular to the growing compensation charges, which amounted to 54 billion dirhams at the end of 2012," said Jouahri.

The draft Finance Act 2013 aims to reduce the budget deficit to 4.8%, with a charge compensation of 40 billion dirhams.

The external accounts, the trade deficit has been an increase of 17.5% to 27.5 billion dirhams at the end of February, in conjunction with a decrease in imports (-10.8%), greater than exports (- 3%).

Travel receipts rose by 2%, whereas the MRE transfers decreased by 2, 9%.

In addition, revenues under foreign direct investment reached 10.2 billion dirhams against 5.3 billion dirhams a year earlier.

"In these conditions, the net foreign assets of Bank Al-Maghrib represent  at the end of February about 4 months of imports of goods and services," said Jouahri, noting that Morocco remains within the framework of macroeconomic stability.

As for the possibility of a devaluation of the dirham, the Governor stated that the dirham is not misaligned, noting that the timing of a devaluation or appreciation is under review..

Moreover, Jouahri emphasised that the national Sharia board will oversee the fledgling industry of Islamic finance in Morocco