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The Minister Delegate at the Ministry of Economy and Finance for the Budget, Driss Idrissi al-Azami.
Budget Minister Driss El Azami El Idrissi, denied the existence of an economic crisis in Morocco, stressing that "economic difficulties" facing the country now will soon be controlled through the adoption by the Government of Emergency on the medium term.
In an interview with the "Attajdid" newspaper published Monday, Mr. El Azami said the government has approached this situation "in an intelligent way" by adopting emergency measures, including the mobilization of foreign funds and encouragement of foreign investment, stressing that the main difficulty stems from the decline in foreign reserves and the government has decided to do something.
In this regard, the Minister noted the positive indicators of the national economy, like the index of industrial output increased by 3.7 pc, much better than the performance of 2011.
M. El Azami said that the non-agricultural gross domestic product of the Kingdom rose by 4.5 pc at the end of the year despite adverse weather conditions related to the delayed rains and drought.
Regarding the indicator of labor market, Mr. El Azami noted that the first quarter of this year was marked by the loss of 109,000 jobs, especially in rural areas.
However, he continues, some 96 000 jobs were created in urban areas during the same period. These new jobs totaled 112,000 jobs in the second quarter of this year.
The Moroccan official concluded that the budget deficit indicators remain "positive", noting that the government has decided to implement its program whose goal is a deficit of 3 pc in 2016, knowing that in the appointment of the executive, the deficit was 6.9 pc excluding privatizations.
He added that this deficit will be stabilized around 5 pc this year thanks to the latest surge in oil prices which will save 5.7 billion dirhams.
In an interview with the "Attajdid" newspaper published Monday, Mr. El Azami said the government has approached this situation "in an intelligent way" by adopting emergency measures, including the mobilization of foreign funds and encouragement of foreign investment, stressing that the main difficulty stems from the decline in foreign reserves and the government has decided to do something.
In this regard, the Minister noted the positive indicators of the national economy, like the index of industrial output increased by 3.7 pc, much better than the performance of 2011.
M. El Azami said that the non-agricultural gross domestic product of the Kingdom rose by 4.5 pc at the end of the year despite adverse weather conditions related to the delayed rains and drought.
Regarding the indicator of labor market, Mr. El Azami noted that the first quarter of this year was marked by the loss of 109,000 jobs, especially in rural areas.
However, he continues, some 96 000 jobs were created in urban areas during the same period. These new jobs totaled 112,000 jobs in the second quarter of this year.
The Moroccan official concluded that the budget deficit indicators remain "positive", noting that the government has decided to implement its program whose goal is a deficit of 3 pc in 2016, knowing that in the appointment of the executive, the deficit was 6.9 pc excluding privatizations.
He added that this deficit will be stabilized around 5 pc this year thanks to the latest surge in oil prices which will save 5.7 billion dirhams.
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