Morocco's private sector priorities highlighted in meeting with IMF delegation

Wednesday 29 January 2025 - 07:50

By: Dakir Madiha

Morocco's private sector priorities highlighted in meeting with IMF delegation

In a significant gathering in Casablanca, Morocco’s General Confederation of Enterprises (CGEM) engaged with an International Monetary Fund (IMF) delegation to discuss pressing socio-economic priorities. Led by CGEM Vice President Mehdi Tazi, the meeting featured various commission heads and emphasized the essential role of the private sector in shaping the nation’s economic future.

“This meeting allowed us to exchange views on challenges and opportunities shaping Morocco’s economic landscape,” Tazi remarked. He underscored the private sector's pivotal role in advancing strategic initiatives and enhancing resilience within the economy.

This dialogue was part of Morocco’s annual consultations and the IMF’s third review of the Resilience and Sustainability Facility (RSF). The financing program supports countries in overcoming structural challenges, including climate adaptation and economic stability.

During the discussions, CGEM representatives presented comprehensive insights into Morocco’s economic progress, particularly the anticipated effects of hosting major sporting events such as the 2025 Africa Cup of Nations and the 2030 FIFA World Cup. Four priority areas were identified for sustained focus:

- Renewable energy: Tazi highlighted Morocco’s advancements in renewable energy, noting that the country has achieved 44% of its installed capacity from renewable sources. "We expect to reach the 52% target by 2027, well ahead of schedule. Private sector involvement will remain essential in achieving this milestone,” he stated.

- Small and medium enterprises (SMEs): The challenges faced by SMEs were a central topic, with CGEM describing them as the backbone of Morocco’s economy. Tazi emphasized the need for targeted support for these enterprises, which are crucial for job creation and innovation.

Investment and financial tools: CGEM commended the Mohammed VI Investment Fund and the updated national investment charter as effective mechanisms for stimulating economic activity. Tazi noted that these initiatives are already yielding positive results and recommended their expansion to directly benefit SMEs.

- Employment opportunities: Proposals aimed at addressing unemployment, particularly among youth and women, were discussed. “We need strategies that not only create jobs but also ensure alignment between skills and market needs,” Tazi added.

The IMF delegation acknowledged the importance of private sector input in shaping economic policies and fostering resilience. “This dialogue underscores the strong partnership between the private sector and government,” Tazi concluded. “Together, we aim to create value-added investments and lay the groundwork for long-term economic sustainability.”