The replacement of Mohamed Benchaaboun at the head of the Central People & # 39; s Bank group will be one of the topics most discussed in the business world in the coming days as the implementation of the new minister's public finances.
In ten years' time at the head of the mutualist group, Benchaaboun doubled the size of the balance sheet to 384 billion dirhams and the net banking product to 16.4 billion dirhams. The group recruited 2.2 million extra customers between 2008 and 2017 and saw net profit increase by 21%.
Soon 57 years old, the construction sites awaiting this graduate from the Ecole Nationale Supérieure des Télécommunications in Paris are equally strategic. The civil service is not a terra incognita for Benchauboun. He is familiar with the operation of the administration because he was Director-General of the National Telecommunications Regulatory Agency (ANRT) for five years.
Mohamed Benchaaboun joined on Friday, August 24th. The arrival of the banker at the head of the Ministry of Finance can be a signal for the business climate. It will have to do everything possible to, among other things, restore the trust of business leaders to revitalize the investment. (Ph. Bziouat)
The new Minister of Finance will have to make every effort to restart a fairly fragile growth. It is expected in the field of employment, investment or debt management. The former boss of the BCP group takes the keys to the finance department at a time when the public accounts are in a better condition than its predecessor Mohamed Boussaid.
The latter had inherited the portfolio after two painful years in which the budget deficit had been increased to 6% in 2011 and then to 7% in 2012. The reorganization of public finances (budget deficit reduced to 3.5% in 2017) he started has led to major reforms such as the exchange rate regime.
The fiscal derailment in 2011 and 2012 costs almost investment grade. The reorganization of public finances by Mohamed Boussaid led to major reforms such as the exchange rate regime
But the constant alarms of the forecast institutions (BAM, HCP, IMF, World Bank, CMC …) about the degradation of the quality of growth, the low yield of government investment or the unpaid investments of the state more weighted at the time of the balance. The arrival of Mohamed Benchaaboun can be a signal for the business climate.
The quality of the growth has deteriorated considerably in recent years, with the result that unemployment has risen. It reaches alarming levels among young people under 24 years of age
Banks are at the front office in terms of business problems because they even suffer from the slowdown in demand for credit and the increase in outstanding debts. It will have to provide quick answers to restore the confidence of business leaders to stimulate private investment.
His predecessor has put it again among the priorities for the next budget law. It remains to find the right dosages in the right places to stimulate investments. For 2019 the HCP expects a growth of 2.9%. BAM is a bit more optimistic with a score of 3.6%.
The government is counting on an increase of 3.2% of GDP in the scoping memorandum. Debt management will also be one of the issues on which the new Minister of Finance will be judged. Treasury debt has doubled in less than ten years to 692 billion dirhams by the end of 2017, or 65.1 percent of GDP. The Treasury's indebtedness must be reduced to 60% of GDP by 2021, in line with the commitments made when the IMF had chosen the precautionary and liquidity lines.