Wali of Bank Al-Maghrib: bribery is the first hindrance to business in Morocco
In the context of his response to the remarks of the members of the Finance Committee of the House of Representatives, the day before yesterday, Tuesday, in the House of Representatives, about the economic and social situation in light of the Corona pandemic, Abdel-Latif El-Jouahry, the governor of Bank Al-Maghrib, said that he had previously told the late King Hassan II that the Moroccan people have “dignity Hassan II asked him what did you mean? “I told him we went through difficult situations: the drought, interest rates of 20 percent, oil of $ 30 at that time, and the problem of the Sahara .. So did chaos and attacks occur? “This is the dignity, but the dignity of Moroccans must be preserved.”
Al-Jawahiri added that the Moroccans are the people of “the most creative thing” who believe that God “divides the livelihood between people.”
On the other hand, the Governor of Bank Al Maghrib referred to the difficulties that entrepreneurs face in Morocco, noting that the results of a survey conducted by the World Bank, in 2019, showed that the top obstacles to business in Morocco was the problem of “corruption and bribery” at a rate of more than 15%, and the procedures Taxes are 14 percent, the informal sector is 9 percent, transportation is 8.7 percent, and access to finance is 4.3 percent. He added that bribery is the first obstacle because it is “against the rule of law.”
Al-Jawahiri revealed that he was surprised by the fragility of the economic fabric when the results of a survey conducted by Bank Al-Maghrib on Moroccan enterprise in 2018 appeared, calling for the promotion of investment to create job opportunities. Regarding the problem of business financing, he said that banks refuse to finance some companies, because they find a problem in the transparency of their accounts. He pointed out that the problem lies in human capital, transparency, integrity and governance.
Regarding the criticisms made by a number of members of the Finance Committee of Moroccan banks, Al-Jawahiri responded by calling for a meeting between parliamentarians and bank officials, and he said, “There must be a link between the banks and Parliament so that there is no incompatibility.” He addressed the parliamentarians, saying: “We count on you to scramble. About the banks, and you will be proud of them if you meet them, ”indicating that Bank Al-Maghrib receives complaints against banks and deals with them seriously, especially those related to financing, but stressed the need for transparency in contracting accounts.