2024-07-06 07:35:17
“We have always called for the preservation of macroeconomic balances which are part of national sovereignty,” said Mr. Jouahri, during a conversation with the Deputy Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Taline Koranchelian, as part of a special edition of the IMF’s Finance & Development magazine.
In this sense, he explained that the educational and awareness-raising effort, in addition to the permanent dialogue between the Central Bank and the government, have allowed Morocco to “climb the slope from the Structural Adjustment Program (SAP) to be able to be recognized at the IMF level in 2012 with the Precautionary and Liquidity Line (LPL) and, very recently, with the Flexible Credit Line (LCM)”.
Thus, the Governor of BAM stressed the importance of the independence of the Central Bank as a fundamental element explaining the resilience of the Moroccan economy in the face of adverse shocks.
This independence, enshrined in law, has granted BAM an “objective assessment”, thus enabling it to contribute to the various reforms, while relying on its independence, rigour and credibility, he noted.
Emphasizing the reform of the exchange rate regime carried out with the support of the IMF, Mr. Jouahri also welcomed the availability of the Fund and its rapid responses to various questions, particularly in times of crisis.
Returning to the role of international institutions in supporting reforms in developing countries, the Wali highlighted the importance of the assistance they provide in terms of policy design, priorities to be implemented and convergence between the actions of the State and those of the private sector.
In this regard, he stressed the importance of “thinking together” in order to “be able to capitalize on the efforts of each party to achieve convincing results”, citing in this sense the reflection carried out on the Central Bank Digital Currency (CBDC) with developed and developing countries, in order to “reduce or avoid the digital divide”, and this within the framework of the high-level round table recently co-organized with the IMF.
This special edition of the IMF’s Finance and Development magazine is part of the 2023 Annual Meetings of the World Bank Group and the IMF, which will be held in Marrakech from October 9 to 15, and where more than 15,000 high-level participants are expected, including Ministers of Economy and Finance and Governors of Central Banks of member countries, as well as representatives of civil society, the private sector, international media and academia.
2024-07-06 07:35:17