Morocco - Contractual Savings Development Loan Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. P-7 176-MOR REPORT AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED SINGLE CURRENCY LOAN WITH A US DOLLAR TRANCHE IN AN AMOUNT EQUAL TO US$50 MILLION AND A FRENCH FRANC TRANCHE IN AN AMOUNT EQUAL TO FRF295.1 MILLION TO THE KINGDOM OF MOROCCO FORA CONTRACTUAL SAVINGS DEVELOPMENT LOAN November 10, 1997 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS as of October 20, 1997 Currency Unit = Dirham (DH) DH1.00 = US$0.10 US$1.00 = DH9.68 ABBREVIATIONS AND ACRONYMS BAJ Barnamaj al Aoulaouiyat al Ijtimaiya (social priority program) BAM Banque Al-Maghrib (central bank) BCP Banque Centrale Populaire BMCE Banque Marocaine du Commerce Exterieur BNDE Banque Nationale pour le Developpement Economique CDG Caisse de Dep6t et de Gestion CDVM Comite Deontologique des Valeurs Mobilieres (securities commission) CEN Caisse d'Epargne Nationale CIH Credit Immobilier et H6telier CIMR Caisse Interprofessionelle Marocaine de Retraites (pension fund) CMR Caisse Marocaine des Retraites (pension fund) CNCA Caisse Nationale de Cr6dit Agricole CNSS Caisse Nationale de Securite Sociale (pension fund) CSE Casablanca Stock Exchange DAPS Direction des Assurances et de la Pr6voyance Sociale IMF International Monetary Fund ONCF Office National des Chemins de Fer OPCVMs Organismes de Placement Collectif de Valeurs Mobiliers (mutual funds) PEP Plancher d'Effets Publics PSPEs Private sector and public enterprises RCAR Regime Collectif d'Allocation de Retraite (pension fund) SAL Structural Adjustment Loan SNI Societe Nationale d'Investissement TCN Titres de Creance Negociables (negotiable securities) FISCAL YEAR July 1 - June 30 Vice President Kemal Dervi