The Moroccan economy remains strong, and reduced its vulnerability to certain internal shocks, rating Fitch Ratings agency. The ” good point ” Fitch Rating joined the start of the year of the Coface , which warned though on the necessary improvements some indicators.
Fitch rating has maintained in its latest assessment, the note ” BBB- ”, ie average for the long-term credit in the category Investments, for Morocco, and noted some improvements on important factors that decreased the relative vulnerability of the economy. The agency has confirmed and renewed its rating (BBB-), with a stable outlook on debts issued by Morocco in foreign currencies in the long term, and a ” BBB ” for securities issued in local currency, ie in dirhams. Fitch Ratings has maintained the cap of the sovereign rating at ‘BBB-’. The score for the Moroccan economy is based, according to the agency, on macroeconomic stability and low interest rate risk on finance, including public. About the vulnerability of the Moroccan economy to external shocks, it has been significantly reduced since lower oil prices. The import bill of oil and derivatives decreased significantly since oil prices have come down to less than $ 50 / barrel. The other kind of indicator to reassure the rating agency is the emergence of new niches to develop exports. The decline in energy bills has improved the stock of foreign exchange reserves of Morocco , a better climate for FDI, and a liquidity line of Dh 5 billion allocated by the IMF. Earlier this year, the French agency of foreign trade insurance ( Coface ) had already noted the Moroccan economy, now its note ” A4 ” for the risk to investors to settle in the various countries of the world
the warnings of the Coface
According to Coface , c ‘ is the safest state in Africa. According to firm of the strengths of the kingdom are its location (close to the European market), its line of ascent strategy and product diversification (automotive, aerospace, electronics, offshoring , chemicals, pharmaceuticals, textiles, food …), macroeconomic stability policy and political stability. In addition, the Coface believes that “the government deficit would reduce significantly in 2016,” thanks to low oil prices, which will be able to promote further reform of public subsidies, which enabled a saving of 31 billion dirhams in 2015 3% of GDP. The First Quarter 2016, the oil bill of Morocco was down from 31.5% to 11.18 billion dirhams against 16.32 billion dirhams a year earlier. According to the Exchange Office, the oil bill of Morocco has declined by 28% in 2015 to 66.84 billion from 92.78 billion against Dh Dh a year earlier. Conversely, the Coface deplores several weaknesses: a highly dependent economy of the agricultural sector performance, significant social and regional disparities the high level of poverty (although declining) or the low productivity and competitiveness and high unemployment rates.
(c) 2016 Media Interface. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info) source Middle East & amp. North African Newspapers – French
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