Moroccan King Responds to Critics About Speculations, Corruption

King Mohammed VI of Morocco has slammed “rapacious speculators” and corruption while announcing a string of measures to address the situation and protect consumers.
In a speech delivered on the 55th anniversary of the “King’s and People’s Revolution” commemorating King Mohammed V’s exile (1927-1961) by the French colonialists, King Mohammed VI has called on the government and the parliament to adopt a code for protecting consumers.

This code should “increase the citizens’ purchase power, regulate prices and fight corruption”, the Moroccan sovereign said while calling for a stronger competition Council “to ensure a good economic governance”.

A central “Corruption and Prevention” authority is also expected to be set up, King Mohammed VI added while condemning the fact that citizens “are served to rapacious speculators and intermediary networks”.

“A free market should not mean anarchy let alone waste”, the Moroccan king warned, appealing citizens to be cautious and resort to justice to end “the impunity and deal ruthlessly against scheming and fraud”.

“That becomes more imperative when it involves people’s means of subsistence or speculations on prices or even taking advantage of economic rent and privileges from influential practices.

That is all the more necessary in the light of the corrupt practices, abuse of power and tax fraud”, King Mohammed VI concluded.

These measures come at a time when the cost of living index is increasing in Morocco over 5% last July against the same period in 2007 with foodstuff prices up to about 9, 1%.

This rise comes two weeks before the sacred month of Ramadan in Morocco amid “soaring prices”.

Subsidy on the consumption of staple commodities including oil products up to 75% are expected to stand at about 37 billion dirhams (US$5 billion) in 2008 against about 20 billion dirhams a year before.

Various circles have decried the speculation mainly regarding land, analysts said in the Moroccan capital.

Source African Press Agency

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