"We have always called for preserving macroeconomic balances which are part of national sovereignty," Mr. Jouahri said during a discussion with Taline Koranchelian, Deputy Director in the Middle East and Central Asia Department of the International Monetary Fund (IMF), as part of a special edition of IMF Finance & Development magazine.

In this respect, he explained that the educational and awareness-raising effort, in addition to the permanent dialogue between the Central Bank and the government, have allowed Morocco to "bounce back since the Structural Adjustment Program to be able to be recognized at the IMF level in 2012 with the Precaution and Liquidity Line (PLL) and, very recently, with the Flexible Credit Line (FCL)".

Thus, the Governor underlined the importance of the independence of the Central Bank as a fundamental element explaining the resilience of the Moroccan economy in the face of adverse shocks.

This independence, enshrined in law, granted the Central Bank an "objective assessment”, thus allowing it to make its contribution to the various reforms, while relying on its independence, rigor and credibility, he noted.

Emphasizing the reform of the exchange rate regime carried out with the support of IMF, Mr. Jouahri praised the availability of the Fund and its rapid responses to various issues, particularly in periods of crises.

Regarding the role of international institutions in supporting reforms in developing countries, the Governor highlighted the importance of the assistance they provide in terms of policy design, priorities to be implemented and convergence between the actions of the State and the private sector.

He underlined, in this regard, the importance of "thinking together" in order to "be able to capitalize on the efforts of each other to achieve significant results", citing in this respect the reflection carried out on the central bank digital currencies (CBDCs) with developed and developing countries, to “reduce or avoid the digital divide”, within the framework of the high-level round table recently co-organized with the IMF.

This special edition of the IMF Finance & Development magazine is part of the 2023 Annual Meetings of the World Bank Group and the IMF, which will be held on October 9-15 in Marrakech, with the participation of more than 15,000 high-level delegates, including Economy and Finance ministers, governors of central banks of member countries, as well as representatives of civil society, the private sector, international media and academia.