30 July 2014

Morocco: HM King Mohammed VI Calls On Evaluating Morocco's Total Wealth in 1999-2013

Rabat — HM King Mohammed VI on Wednesday called on the Economic, Social and Environmental Council to carry out a study of Morocco's total wealth between 1999 and the end of 2013, in cooperation with the Moroccan Central Bank and the national institutions concerned, and in coordination with specialized international institutions.

"The objective of the study is not only to highlight the value of our country's intangible capital, but also to make sure intangible capital is used as a key standard in the development of public policies, so that all Moroccans may benefit from their country's wealth", the Sovereign said in a speech to the Nation on the occasion of the 15th anniversary of His enthronement.

Highlighting the democratic achievements that have been made, the major infrastructure projects that have been implemented and the growth rates that have increased during the lat fifteen years, the Monarch said this celebration is an occasion to pause and reflect to assess the state of the nation.

"Back in 2005, we made a similar pause and came up with the 50-Year Report to take stock of the work done and pinpoint shortcomings for the post-independence period, and also to assess expectations. The aim of that exercise was to devise more effective public policies. Today, fifteen years after my accession to the throne, I think it is important to pause, once again, as a nation", HM the King underlined.

The Monarch asked: "Are we making the right choices? What things need to be speeded up? What others should to be reconsidered? What major projects and reforms ought to be launched? (...) Have the accomplishments and the real progress made had the desired, direct impact on Moroccans' living conditions? Does the Moroccan citizen - irrespective of income, social status or place of residence, whether in urban or rural areas - feel that he or she is indeed better off as a result of the major projects implemented and the reforms introduced?

Highlighting the development of wealth in Morocco, the Sovereign asked: "Where is this wealth? Has it benefited all Moroccans or only some segments of society?"

No in-depth analysis is really needed to answer these questions, HM the King said, deploring that "while there has been significant progress in Morocco, the facts on the ground indicate that not all citizens have benefited from this wealth.

In this respect, the Sovereign noted that during His field visits, He has noticed signs of poverty and vulnerability, as well as acute cases of social inequality.

"I hope this study will come up with an objective assessment of the situation as well as practical recommendations in this regard", the Sovereign said, giving His instructions to widely disseminate the study's findings to "make sure the study's final report does not remain just words on paper, or a document merely for the media".

The Sovereign also urged the government, parliament, all the institutions concerned and key players in society to study those constructive recommendations and seek to implement them.

"Since the measurement of intangible wealth helps in decision-making, I want the census which will be carried out this year to include all types of indicators relating to Morocco's intangible capital", the Monarch added.

For HM the King, the Moroccan development model has reached such a level of maturity that it is possible for the kingdom to adopt advanced, precise standards to assess the effectiveness of public policies and determine the extent to which they have a tangible effect on the citizens' lives.

Intangible capital is one of the latest internationally agreed standards for measuring the total wealth of countries and companies, as it refers to constituents of wealth that are not taken into account by conventional financial approaches, the Sovereign pointed out.

The reference here, the Monarch said, is to the measurement of a country's historical and cultural heritage, social and human capital, the confidence it inspires as well as stability, the quality of institutions, innovation and scientific research, cultural and artistic creativity, the quality of the environment and so on.

In this respect, the Sovereign said that security and stability, for instance, are the cornerstone of production and the creation of wealth. Similarly, trust and credibility are key ingredients to boost investment. However, these assets are not visible in the total wealth of countries.

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