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Morocco's PM: Banks Play a Pivotal Role in Employment, Development

Morocco's PM: Banks Play a Pivotal Role in Employment, Development

Thursday, 14 November, 2019 - 11:45
Saad Eddine El-Othmani addresses the United Nations General Assembly in New York (File Photo: Reuters)

Moroccan Prime Minister Saad Eddine El-Othmani said his government is moving to develop new, high-value-added sectors to help the economy and prepare for global economic transformations.

Speaking at a monthly inquiry session at the parliament on the pivotal role of the banking and financial sector in development and employment, Othmani said the government worked to support the economy by diversifying its economic partners and opening to new markets, namely investment in Africa.

The Prime Minister pledged to continue reforming the banking sector, in order to contribute to development and employment, as well as financing SMEs that are facing difficulties.

He announced the launch of the “national platform to support entrepreneurship and stressed the need to involve banking institutions in Morocco’s dynamic development.

Othmani pointed to some measures taken to support SMEs, such as training and developing human resources.

The Prime Minister touched on the institutional framework that stimulates entrepreneurship and strengthens creativity. He indicated that the government executed several reforms that helped Morocco advance on the “ease of doing business” index from rank 75 in 2016 to 53.

He also pointed to the launch of the process of returning VAT arrears, estimated at $4 billion in a move that the PM described as “bold and unprecedented” in favor of contractors and public institutions.

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