Announcement of Consultative Group for Morocco on October 22, 1969

l ~'1TERNATIC)!\,/\L Bi\N r~ FOF< .R CON TRUCT!Of\J AND DEVELOPMENT 1818 H STREET. N.W .. WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 October 22, 1969 Subject: Consultative Group for Morocco The following announcement was issued today at the World Bank's European Office in Paris: 11 The second meeting of the Consultative Group on development assistance to Morocco was held in Paris on October 21 and 22, 1969 under the chairmanship of the World Bank. Members of the Group attending the meeting were Belgium, Canada, France, Germany, Italy, Kuwait, Spain, the United Kingdom, the United States, the International Monetary Fund, and the United Nations Development Programme. Attend- ing as observers were representatives of Dernnark, the Netherlands, Switzerland, ~ the European Investment Bank, and the Organisation for Economic Co-Operation and Development--Development Assistance Committee. The Moroccan delegation was headed by His Excellency Mamoun Tahiri, Minister of Finance. "The Group heard reports by the Bank and the Minister on Morocco's current economic situation and its plans for the future, and discusBed ways in which members of the Group could contribute to Moroccan development. The Minister explained the objectives of the Development Plan 1968-1972 with its emphasis on agriculture, tourism, manpower development, and population planning, and the measures which the Government was taking to mobilize the internal resources to help carry them out. It was generally recognized that these efforts could not meet all of Morocco's needs and that continued assistance from members of the Group was necessary if the objectives of the Plan were to be met • • /more Unn. Bank p.r. - Consultative Group for Morocco - 2 - "Members of the Group expressed satisfaction with the progress which Morocco • had made since the first meeting of the Group. The Group concluded that Morocco!s ·recent economic performance and development prospects justified continued assist- ance from members of the Group in order to maintain and increase the momentum already achieved. Members also described the size and character of their respec- tive programs of assistance to Morocco. Members of the Group recognized that, given the amount of external assistance required, Morocco might have problems of debt service in the future and urged that terms of lending not be permitted to harden and that aid continue to be made available on concessionary terms. There was also support for suggestions that some external finance be made available for domestic expenses and for financing imports not related to projects. The Group agreed to meet again late in 1970. 11 - 0 - • •