Ambassador Hilale Outlines Structural Reforms Transforming Morocco’s Socio-Economic Fabric

Addis Ababa - Morocco's Ambassador and Permanent Representative to the United Nations Omar Hilale highlighted, in Addis Ababa before the Ministerial Preparatory Committee for the 4th International Conference on Financing for Development, the ambitious structural and sectoral reforms undertaken by the Kingdom under the enlightened leadership of His Majesty King Mohammed VI, may God assist Him.These reforms triggered a genuine transformation of the economic and social fabric and the active mobilization of domestic financial resources, emphasized Ambassador Hilale.In this respect, He developed the four main aspects of these reforms, namely the adoption of a new development model, which has become the foundation of Morocco's public policies and programs by 2035, therefore, encouraging the strengthening and diversification of existing financing mechanisms and the design of new, innovative ones.Hilale also cited the launch of the Mohammed VI Fund for Investment, worth around 45 billion dirhams, including 15 b illion from the State budget, with the aim of boosting growth in certain strategic sectors, by exploiting synergies between public and private financing as part of a coherent and inclusive global development vision.The Ambassador also mentioned the strengthening of support for small and medium-sized enterprises (SMEs), facilitating their access to financing and providing them with measures conducive to competition and the creation of jobs and added value.Hilale emphasized financial inclusion and digitalization, which play a key role through the development of mobile payment platforms and online banking services.Referring to Morocco's solidarity-based actions as part of its South-South cooperation strategy, the Moroccan diplomat cited the Nigeria-Morocco gas pipeline and the initiative launched by His Majesty King Mohammed VI to open up the Sahel countries and give them access to the Atlantic Ocean, indicating that these initiatives are instrumental in enhancing the economic potential of the African Cont inent, reinforcing a renewed approach to the issue of financing development in Africa, and creating a favorable space for investment and the economic and social development of the Continent.Hilale also called for urgent reform of the international financial architecture to create a more resilient, inclusive system favorable to Africa's sustainable development, recalling in this respect the Marrakech Declaration which called for 'the implementation of a more equitable global financial architecture more conducive to Africa's development and the achievement of its growth priorities, which respects the sovereignty and territorial integrity of African States and contributes to the well-being of its populations'.He called for effective, action-oriented multilateralism, as well as the consolidation of a climate of trust between countries, which are necessary conditions for tackling the multidimensional challenges, including those of financing, that stand in the way of achieving sustainable development.Source: Agence Marocaine De Presse