His Majesty King Mohammed VI stressed that the need has become more urgent than ever for greater international support and cooperation to enable African countries to mitigate the repercussions of the inflationary spiral that has gripped the global economy, and to strengthen their resilience in the face of external shocks.
In a message addressed to the participants in the meeting of the African Caucus of Ministers of Finance and Central Bank Governors of the African Member States of the World Bank and the International Monetary Fund, which opened its proceedings on Tuesday in Marrakech, His Majesty noted that just as the world was preparing to overcome the fallout from the COVID-19 pandemic, the global economy was hit by unprecedented disruptions in supply chains and mounting inflationary pressures, alongside record highs in energy, food, and raw material prices.
In this message, read by the Minister of Economy and Finance, Mrs. Nadia Fettah Alaoui, the Sovereign highlighted that the impacts of this crisis vary among African countries depending on the nature of their economic potential and their needs for raw materials, particularly energy or food. His Majesty pointed out that in this difficult environment, "our African continent emerges as one of the most affected regions, whether due to the growing threat to its energy and food security, or the decline in its economic growth rates, in addition to the worsening social conditions in many of its countries."
His Majesty added that the surge in financing needs, in a context characterized by the scarcity and tightening of concessional financing conditions, is leading to a sharp increase in debt service, which further exacerbates the economic situation for a large number of countries on the continent.
Having noted that many of the continent's economies are characterized by a lack of diversification and a heavy reliance on raw material exports, the King explained that these economies suffer from the dependence of their agricultural sectors primarily on climate fluctuations, in addition to suboptimal utilization of their immense demographic dividend.
To address these imbalances and shortcomings, the King deemed it essential to intensify efforts by devising comprehensive development programs with "clear objectives and innovative financing mechanisms." He noted that these measures must "place the African citizen at the core of their concerns, and rely fundamentally on leveraging opportunities for economic integration among African countries, as well as engaging actively in the dynamics of digital transformation and energy transition that the world is experiencing today."
Furthermore, His Majesty highlighted the progress made in operationalizing the African Continental Free Trade Area (AfCFTA), which serves as additional evidence of the continent's ability to strengthen its economic integration in accordance with a shared vision.
In this regard, the King stated that activating this zone as soon as possible will enable "accelerating the integration of African economies among themselves and into global value chains, as well as consolidating the South-South trade and economic cooperation we all aspire to." His Majesty added: "We also renew the call for our partners, both bilateral and multilateral, to support the development efforts undertaken by the countries of our continent."
The King considered that this support, which falls within the framework of a win-win strategic partnership, provides African countries with the adequate resources to shoulder the burdens of sustainable development and provide a decent and secure livelihood for their various peoples.
Recalling that South-South cooperation remains the optimal path to improving the economic conditions of the continent's countries, His Majesty affirmed that Morocco holds firm convictions and has made significant achievements in this context, through continuous commitment and structuring projects, such as the Nigeria-Morocco Gas Pipeline project, which is expected to contribute radically to enhancing the energy security of a large number of African countries.
His Majesty King Mohammed VI stated that Morocco is entering a new phase focused on strengthening national sovereignty, supporting economic recovery, and implementing the New Development Model. He also called on the government and Parliament to fully assume their responsibilities.
The United Nations praised His Majesty King Mohammed VI’s forward-looking vision for future generations, highlighting the importance of collective action to build a human-centered and sustainable development model. It also noted that this vision has become even more relevant in light of the challenges exposed by the Covid-19 pandemic, particularly social inequalities and the spread of misinformation.
The Council of the League of Arab States praised the efforts of His Majesty King Mohammed VI, Chairman of the Al-Quds Committee, to protect Al-Quds Al-Sharif and support the resilience of the Palestinian people. It also highlighted the fieldwork of the Bayt Mal Al-Quds Agency in preserving the city’s Arab and Islamic identity.
