Jouahri Reveals Tension with the IMF and Highlights Morocco’s Gains from Geopolitical Transformations
The Governor of Bank Al-Maghrib, Abdellatif Jouahri, stated that Morocco is temporarily benefiting from global geopolitical changes, particularly in terms of the influx of foreign investments. He also noted a tense relationship with the International Monetary Fund (IMF) due to its recent comments regarding innovative financing.
During a press conference following a Bank Al-Maghrib board meeting, Jouahri explained that the IMF mission raised concerns about the need to account for innovative financing within the state’s debt, despite Morocco’s initiation of these funds since 2018, which the IMF has been informed about annually. He confirmed that the mission’s latest stance, which questions the compatibility of these funds with the IMF’s statistical rules, was unacceptable, emphasizing that this issue concerns the kingdom as a whole, not just Bank Al-Maghrib.
Jouahri mentioned that the Bank Al-Maghrib board discussed these remarks and approved the innovative financing as part of the state’s debt, stressing that Morocco had previously sought clarification on this topic with the IMF from the outset.
Regarding Morocco’s benefits from conflicts in other regions, Jouahri highlighted that the kingdom is viewed as a safe destination for foreign investments, which account for approximately 3.5% of gross national product. He pointed out that while some European companies are facing crises, those settled in Morocco, particularly in the hybrid automotive sector, have remained unaffected. However, he cautioned that these benefits are not permanent and require stability, security, and compliance with anti-money laundering standards.
Jouahri asserted that the required future investments by 2030, totaling around 190 billion dirhams, cannot be sourced solely by Morocco. Thus, the involvement of friendly countries is essential to boost growth and create job opportunities for youth, with an emphasis on technological aspects and skills development.
