Announcement of Meeting of the Consultative Group for Morocco on October 20, 1971

• L. 81-\N u 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 October 20, 1971 Subject: Meeting of the Consultative Group for Morocco The fourth meeting of the Consultative Group on De·r1elopment Assistance to Morocco was held in Paris on October 19 and 20, 1971 under the chairmanship 0f the World Bank. Attending the meeting were representatives of Belgium, Canada, France, Germany, Italy, The Netherlands, Spain, Switzerland, The United Kingdom, The United States, the International Monetary Fund, the United Nations Development Programme, the African Development Bank, the European Investment Bank and OECD/DAC. The Moroccan delegation was headed by H. E. Mustapha Faris, Secretary of State for Finance. The Group heard reports by the Bank and the Secretary of State on Morocco's current economic situation and its plans for the future. It discussed • ways in which members of the Group could contribute to Moroccan development . The Secretary of State explained the new economic policy of the Government, with its emphasis on increasing employment, social promotion, income redistri- bution and accelerated investment. There was also a discussion of the orienta- tion of the next five-year plan, and it was generally recognized that continued assistance from members of the Group was necejsary if its objectives were to be met. Members of the Group expressed satisfaction with the progress which Morocco had made since the first meeting of the Group and, in particular, with the new economic and social policies announced by the Government. The Group concluded that Morocco's recent econo.mic performance and development prospects justified further assistance from members of the Group in order to maintain and increase the momentum already achieved. They recogrdzed that, given the amount of extemal assistance required, terms of lend:f.ng should not be per- mitted to harden and that aid continue to be made available on concessionary terms. The Group agreed to meet again early in 1973 • • - 0 -