News
Wednesday 31 January 2018

Introduction of Greater Exchange Rate Flexibility, “Very Good” Decision of Morocco’s Government

Vocal synthesis
Introduction of Greater Exchange Rate Flexibility, “Very Good” Decision of Morocco’s Government

The introduction of greater exchange rate flexibility is a "very good decision" of the Moroccan government, Managing Director of the International Monetary Fund (IMF), Christine Lagarde, said Tuesday in Marrakech.

Speaking at a regional conference on global growth held under the theme “Opportunity for All: Promoting Growth, Jobs, and Inclusiveness in the Arab World”, Lagarde said that "international markets and foreign investors will appreciate the decision taken by Moroccan authorities".

Lagarde, who highlighted the reforms undertaken by Morocco, noted that the creation of free zones in Morocco, in Tangier and Casablanca, contributed to the creation of more than 85,000 jobs.

She also pointed out that the Middle East and North Africa (MENA) region is facing the challenges of unemployment especially for young graduates, adding that nearly 25 million young people will enter the labor market in the region, hence the need to achieve sustainable and inclusive growth.

The main challenge for the region is to meet the aspirations of young people and to provide opportunities for people, she pointed out, calling for improving the business climate and promoting the private sector in the region.

Lagarde also underlined the need to support excluded groups, particularly the youth, women and refugees, noting that public-private partnerships can help achieving development.

For his part, Director General Chairman of the Board of the Arab Monetary Fund (AMF), Abdulrahman A. Al-Hamidy, stressed that the convening of this conference in Morocco reflects the interest given to the various issues of global development, including the strengthening of the labor market, women empowerment, innovation and the business climate.

He noted that unemployment represents the big challenge for decision-makers in Arab countries, as 29.1% of young people in the Arab world are unemployed, adding that the region needs tens of millions of jobs over the next ten years to maintain the current level of employment.

The conference, organized by the IMF, the AMF, the Arab Fund for Economic and Social development and the Government of Morocco, brings together high-level policy makers, corporate executives, academics, youth, media and civil society representatives from countries in the Arab World and beyond to exchange their experiences, lessons and ideas on how to create millions of jobs by exploiting new sources and sectors of growth.

Key topics to be discussed at the conference include: how to scale-up opportunities for women and youth by promoting entrepreneurship and innovation; embracing transparency and technology to unlock the region’s potential; and designing government policies that act as enablers of higher and more inclusive growth.

-MAP-30/01/18