Announcement of Fifth Meeting of the Consultative Group for Morocco on March 29, 1974

I - - UAJ r~ /E • 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 March 29, 1974 Subject: Fifth Meeting of the Consultative Group for Morocco The following announcement was issued today at the World Bank's European Office in Paris: "The fifth meeting of the Consultative Group on Development Assistance to Morocco was held in Paris on March 28 an~ 29, 1974, under the chairmanship of the World Bank. The meeting was attended by representatives of Belgium, Canada, France, Germany, Italy, Japan, Spain, the United Kingdom, the United States, the African Development Bank, the European Investment Bank, the International Monetary Fund, the United Nations Development Programme and DAC/OECD. The Moroccan delegation was headed by H.E. Bensalem Guessous, Minister of Finance. The Group heard reports by the Bank, the delegation of Morocco and the IMF on Morocco's current economic situation and its development prospects. In his stateme~t, the chairman drew attention to the continued progress of the Moroccan economy. The • delegation of Morocco outlined the main objectives and strategy of the Thi.rd Five-Year Development Plan (1973-77), which emphasises increased employment, improved income distribution, and rapid growth of exports and of public and private investment expen- ditures. Members of the Group expressed satisfaction with Morocco's economic growth in recent years and, in particular , with the concern for the social aspects of development expressed in the Plan. The Group discussed ways in which members could assist the Moroccan Government in implementing the Development Plan, and it was generally recognized that increased assistance from members of the Group is necessary if the Plan's objectives are to be achieved. The Group concluded that Morocco's recent economic performance and develop- ment prospects justified further assistance from members of the Group in order to maintain an.d increase the momentum already achieved. They recognized that, while short term export prospects were good, the longer term balance of payments outlook required that the terms of lending over the next few years should ,not substantially harden. The Group agreed to meet again at a date to be determined." • -0-