Brussels,04/03/2003 (Agence Europe) - The Moroccan Minister of the Economy and Finance Fathallah Oualalou is on a visit to Brussels where on 3 March he met Philip Maystad, the President of the European Investment Bank (EIB) and, on 4 March, Pedro Solbes, European Commissioner for Economic and Monetary Affairs, as well as senior Commission officials.
An overview of bilateral economic and financial co-operation in the framework of MEDA in 2002 was at the centre of the agenda of these meetings. European Commission officials were to stress progress made last year, and Mr. Oualalou present the new Moroccan Government's intentions regarding structural reforms. According to unofficial sources, the Moroccan minister also intended raising the consequences of a war in Iraq and its economic fallout for the kingdom (rise in oil prices, fall in tourism, and, more generally, the risk of a slump in world economy).
In the context of MEDA, Morocco benefited, for the period 1995-2002, commitments totalling 1,012.6 million euro. Of this, 630 million were granted over a period of five years (1995-1999) covered by the MEDA 1 envelope, and 206.6 million under MEDA 2 (2000-2001). The European Commission and Rabat should in the coming months set a "country strategy", describing the guidelines to imprint on bilateral co-operation. In 2002, aid was focused on backing companies and vocational training in the framework of implementing the association agreement. Other than the satisfaction of observing a "dynamic movement" in this co-operation, Brussels also notes an improvement in the level of funds being released, which attained a "record figure" of 122 million euro in 2002 and moved from 19% under MEDA 1 to 34% in 2001 and 100% in 2002. This places Morocco in poll position among countries benefiting from MEDA, not only in appropriations granted, but also in funds paid out.