(MENAFN) In response to the impact of drought and agricultural challenges, the Moroccan Minister of Economy and Finance, Nadia Fattah Al-Alawi, announced a revision in the country's economic growth forecast, lowering it to 3.4 percent. This adjustment, as highlighted in an interview with Sky News Arabia during the spring meetings of the International Monetary Fund and the World Bank, underscores the significant role of the agricultural sector in the Moroccan economy and its broader social implications.
Al-Alawi emphasized the vital importance of the agricultural sector, which not only contributes substantially to the national economy but also holds profound social significance. Acknowledging the challenges facing this sector, particularly due to adverse weather conditions, the government has taken proactive measures to mitigate its impact. Last year, a program with a budget of one billion dollars was initiated to provide aid to those directly involved in agriculture. This initiative aimed not only to support farmers but also to alleviate pressure on food prices, thereby benefiting all segments of society affected by inflationary pressures.
In addition to addressing challenges in the agricultural sector, the Moroccan government is actively pursuing a comprehensive strategy for the development of the industrial sector. Minister Al-Alawi outlined a clear vision for industrial growth, emphasizing the country's commitment to attracting significant investments totaling USD9 billion by 2030. She expressed confidence in Morocco's capacity to achieve this ambitious goal, citing the existing capabilities and potential within the industrial sector.
The government's strategic approach to industrial development reflects its proactive stance in diversifying the economy and fostering sustainable growth. By prioritizing investment attraction and strategic planning, Morocco aims to capitalize on the strengths of its industrial sector to drive economic prosperity and resilience. As the country navigates challenges in the agricultural realm and charts a course for industrial advancement, its commitment to strategic initiatives underscores a determined effort to navigate economic challenges and ensure long-term stability and growth.
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