The International Monetary Fund (IMF)'s report on 2001 consultations with Morocco praises the country's macroeconomic stability, said the official Maghrebe Arab Presse (MAP) on Sunday.
The report notes that the kingdom's stability was achieved despite adverse weather conditions, and that authorities had managed to maintain inflation at a level comparable to that of industrialized nations.
This performance was ascribed to the last five years of economic reforms, which the report says are beginning to yield tangible results, as witnessed by increasing productivity, expansion in tourism, and higher foreign direct investment.
Economic prospects brightened during the first quarter of 2001 with the privatization of 35 percent of Maroc Telecom for $2.1 billion, a figure amounting to six percent of GDP.
“This privatization process was open and transparent, and the price obtained substantially exceeded expectations, considering the downturn in the world telecommunication market,” according to the report.
The IMF also highlighted the continued strong performance of Morocco's private banks, as well as recent progress in strengthening financial sector oversight – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
