The macroeconomics of the public sector deficit : the case of Morocco

Policy, Researci, and External Atiairs WORKING PAPERS Macroeconomi' Adjustment and Growth Country Economics Department The World Bank March 1991 WPS 631 ( The Macroeconomics of the Public Sector Deficit The Case of Morocco Riccardo Faini Growth has remained relatively high in Morocco, and inflation subdued. Morocco has made great progress toward macroeco- nomic and fiscal stability, but the need remains for an unshaken commitment to fiscal discipline, a determined effort to reformn the tax and public spending systems, and a measured attempt to make credit available for investment and to liberalize financial markets. rhc lolic! . Rcse4rch. and I.xitcnI AAffairs ('ompk,x d,'in ., 'ls I' I Wsrh' In 3p.r s mn'aC I5C I Jd:ags O, Es*rk nprgrcss and In cncouragc iho c,h. idc d:l1': F I I:d I ,:.! d ..: parv'g'' (a n I, the names of tC auIthnr'. refl . t.,t kthr s:1 , . a': .! Ii..! h...d .t! a.! % . .. ! d : I' : .:: - . a,td I. n st;oir arc thc o-h rrs na ,' I ' :' d,,,d I-t hv :.............. ..: ' H : U. '