76007
                                      Kingdom of Morocco

                      First Economic Competitiveness Support Program
                                 Development Policy Loan

                                SUMMARY OF DISCUSSION∗

                               Meeting of the Executive Directors

                                           March 12, 2013



      Executive Directors approved the First Economic Competitiveness Support Program
Development Policy Loan for the Kingdom of Morocco in the amount of EUR 123.9 million
(US$160 million equivalent) on the payment terms and conditions set out in the President’s
Memorandum (R2013-0021).
        Directors supported the aims of Development Policy Loan to enhance the business
environment and competitiveness of the Moroccan private sector, which could have positive
signaling effects for the MENA region. In particular, they welcomed the reduction of barriers to
entry and red tape facing private businesses when starting operations, as well as trade reforms to
ensure greater openness and global integration of the Moroccan economy. Directors emphasized
the importance of faster job growth, notably for youth and women, while noting the need for
strong institutional capacity and Public Finance Management. Directors urged the Bank to
monitor risks closely and to support an early mitigation plan to keep critical policy reforms on
track. Finally, Directors encouraged the Bank to play a stronger role in donor coordination.




∗
 This summary is not an approved record.