Moroccan king calls on multiplying Arab investments

King Mohammed VI sent a letter to the participants in the annual meeting of Arab Financial Institutions on Tuesday, in Rabat, asking to multiply Arab investments to strengthen the Arab Economic Integration.

He asked the financial institutions to double their efforts in encouraging Arab investments, to fulfill all necessities and support private sector, adding that development projects are the way for these institutions to increase their activity, especially in Africa.

He added that, it is a necessity to upgrade Arab Financial Institutions’ services and their programs in order to meet the people needs in the current situation, confirming that, supporting African countries’ development efforts must be a priority in the Arab agenda.

Director General of the Arab Monetary Fund, Abdul Rahman Al-Humaidi said that, Arab countries’ budget deficit reached 10.3% of the gross output in 2016, adding that Arab securities markets regained 4% of their total market value in 2016.

350 economic figures are taking part in the meetings, including, Arab ministers of Finance and Economy, Chairmen of the Boards of Arab Financial Institutions, and regional and international organizations representatives. The Arab economy suffered since the beginning of Arab Spring revolutions, which affected Crude Oil prices in its producing countries.

According to International Work Organization data, the difficulties that faced the Arab economy raised the unemployment rate to 20%, compared to the 14.5% before 2010.
 
Moroccan Minister of Finance, Mohammed Boussaid stressed the need to pass economic policies to create more job opportunities, while a nother Moroccan official said that, Arab Financial institutions are welcome to support projects that create the proper work atmosphere.

The participants in Rabat meetings are discussing several issues related to the financial institutions like, approving annual reports and budget, hiring supervisors, presenting of the Arab Monetary Fund report, and discussing international and regional developments and challenges.