Morocco: Report on the Observance of Standards and Codes (ROSC)—Data Module
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International Monetary Fund
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Publication Date:
04 Apr 2003
eISBN:
9781451824681
Language:
English
Keywords:
ISCR; CR; balance of payments; information; break; base year; CPI weight; General treasury; debt holder; govt. debt; Government finance statistics; Monetary statistics; Balance of payments statistics; Data Quality Assessment Framework (DQAF); Maghreb
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This Report on the Observance of Standards and Codes (ROSC) data module provides a review of Morocco’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. The assessment reveals that Morocco generally exceeds the GDDS recommendations on periodicity and timeliness for its macroeconomic statistics. For most data categories currently disseminated, Morocco meets the periodicity prescriptions of the Special Data Dissemination Standards.

Abstract

This Report on the Observance of Standards and Codes (ROSC) data module provides a review of Morocco’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. The assessment reveals that Morocco generally exceeds the GDDS recommendations on periodicity and timeliness for its macroeconomic statistics. For most data categories currently disseminated, Morocco meets the periodicity prescriptions of the Special Data Dissemination Standards.

I. Introduction

1. This data module of the Report on the Observance of Standards and Codes (ROSC) provides a review of Morocco’s practices on the coverage, periodicity, and timeliness of the data against the IMF’s General Data Dissemination System (GDDS). This review is complemented by an in-depth assessment of the quality of the national accounts, the consumer price index (CPI), the producer price index (PPI), government finance statistics (GFS), monetary statistics, and balance of payments statistics, using the Data Quality Assessment Framework (DQAF) developed by the IMF Statistics Department. Socio-demographic statistics are not covered in this assessment. This report is based on information gathered during a staff mission1 from January 16–30, 2002, as well as on information publicly available from hard copy publications and on Internet websites.

2. Section II contains an assessment of Morocco’s data dissemination practices against the GDDS; in response to Morocco’s strong interest in subscribing to the Special Data Dissemination Standard (SDDS), the country’s dissemination practices are also assessed against the SDDS. Section III presents a summary assessment of the quality of the six principal macroeconomic datasets, based on the specific DQAF for these datasets. Section IV lists the recommendations made by the IMF mission to further improve the quality of Morocco’s macroeconomic statistics, in particular with a view to subscribing to the SDDS.

II. Data Dissemination Practices and General Data Dissemination System

3. As Morocco does not participate in the GDDS, the review of its dissemination practices is limited in this section to the GDDS data dimension, i.e., the coverage, periodicity, and timeliness of core macroeconomic statistical frameworks and indicators (see Table 1). The various dimensions of the GDDS for six macroeconomic datasets are addressed through the DQAF.

Table 1.

Morocco: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the General Data Dissemination System

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Italics indicate encouraged categories Note: (D) daily; (W) weekly; (M) monthly; (Q) quarterly; and (A) annual

4. The units/agencies producing macro-economic statistics in Morocco are the Statistics Directorate (DS) in the Ministry of Forecasting and Planning; the Treasury and External Financing Directorate (DTFE) in the Ministry of Economy, Finance, Privatization, and Tourism; Bank Al-Maghrib; and the Foreign Exchange Office (OC). The DS is responsible for producing the national accounts and price statistics. Government finance statistics are produced by the DTFE. Bank Al-Maghrib produces the monetary statistics and the OC produces the balance of payments statistics. Morocco provides access to these data and metadata through a number of publications and the following Internet websites:

5. Morocco meets or exceeds the GDDS recommendations for the main frameworks and indicators in all sectors, with the following exceptions:

  • In the real sector, annual statistics on wages or earnings should be published covering the private (formal) sector in addition to the public sector, and the production index should be monthly rather than quarterly.

  • In the fiscal sector, annual data on central government operations should be published in line with the main GFS framework including all non-budgetary central government units.

  • In the external sector, the external debt service schedule should be published twice a year. Public and publicly-guaranteed external debt statistics should be published every quarter.

6. As originally expressed during an IMF multisector statistics mission in 1998, Morocco strongly maintains its interest in subscribing to the SDDS. Indeed, the metadata project started by the Moroccan authorities in 1998 with a view to subscribing to the SDDS was recently partially updated. For the SDDS,

  • Morocco is well placed in terms of periodicity of most data categories (except, notably, the central government debt);

  • the timeliness of release would need improvement, if only slightly, in most areas;

  • further, in addition to improvements in the coverage noted earlier to reach GDDS recommendations, the following statistics would need to be produced: (i) monthly statistics on international reserves and foreign currency liquidity, (ii) quarterly statistics on wages/earnings, (iii) annual statistics on general government operations, and (iv) annual statistics on the international investment position.

III. Summary Assessment of Data Quality

7. The quality2 of macroeconomic statistics that underpin surveillance of countries’ economic policies is assessed with the Data Quality Assessment Framework (DQAF), as complement to the dissemination standards. The DQAF comprises a generic framework3 and a set of dataset-specific frameworks. The frameworks cover five dimensions of data quality—integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility—and a set of prerequisites.

8. Morocco’s macroeconomic statistics are considered to be adequate for surveillance purposes. Nevertheless, IMF staff noted some statistical practices where improvements could be made that could enhance the accurate and timely analysis of economic and financial developments and the formulation of appropriate policies. The main findings are presented below.

Prerequisites of quality

This category in the DQAF identifies conditions within the agency in charge of producing statistics that have an impact on data quality. The elements within the category refer to the legal and institutional environment, resources, and quality awareness.

9. Morocco’s national statistical data system is highly decentralized, with many administrative agencies playing important roles in producing statistics. Legally, the body responsible for coordination is the Statistical Studies Coordination Committee (COCOES) for which the DS provides the secretariat. In this capacity, the DS is at the heart of the national statistical system, but this central role is not effectively implemented in practice. The COCOES has not been operational for some time now and the flows of essential enterprise accounting data between the producers of basic statistics and the DS has been interrupted. Access to administrative data is especially important for the national accounts, a system that depends on consistent and extensive databases. In this regard, the project underway to set up a common business registration with participation of various ministries is to be welcomed. The DS is very conscious of confidentiality requirements (e.g., informing respondents of confidentiality provisions and applying aggregation rules to preserve confidentiality). Overall, the resources available for establishing the national accounts are adequate, having been increased significantly over the last few years, and the staff is highly qualified. Current resources to produce the price indices are also adequate for regular production, though they may be a little tight for developments such as the rebasing of the CPI or possible extensions of the PPI. Though it is clearly concerned about data quality, the DS has not established a systematic dialogue with users as a means to view quality in its broadest sense.

10. The GFS are compiled by the DTFE within a narrow context of central government budget4 monitoring and financing; they exclude social security funds and other central government units as well as local governments. The responsibility for producing a broader scope of the GFS statistics should be clarified. Currently, the source data required to compile a broader GFS coverage (central and general government as well as public sector operations) do exist, for instance at the General Treasury of the Kingdom. The GFS are compiled on the basis of aggregated accounting data, and, as such, the rules governing statistical secrecy are observed. The resources currently available include highly qualified professional staff, but they have not had training in the new methodological guidelines. A more coordinated approach is needed to implement the broader scope of the new guidelines. The data quality is viewed in the narrow sense of accuracy.

11. Monetary statistics are produced by Bank Al-Maghrib, as provided for in its Charter and the banking law of 1993. Under the latter law, the banks are required to provide monthly statements compiled according to the sectoral chart of accounts that came into force in January 2000. The data are used for statistical purposes only, and their confidentiality is respected. This is further reinforced by Bank Al-Maghrib’s conditions of service that require employees to maintain professional secrecy. The number of staff assigned to monetary statistics is considered insufficient, and Bank Al-Maghrib is giving thought to adding staff through external recruitment. Except for some source data that are received as hard copy only, which slows somewhat the statistical process, the compilation of monetary statistics is organized efficiently. The quality awareness measures in place do not include a systematic dialogue with users.

12. The OC lacks a firm legal basis for compiling and disseminating balance of payments statistics, relying for the time being exclusively on customs and exchange control data. These data are gradually to become less available and too limited as liberalization proceeds and as participation of foreign investors in the Moroccan economy increases. The OC has initiated legislative measures that would give it access to statistical data collected directly from economic operators. This should help toward broadening the awareness of quality from its narrow base of exclusively processing administrative data.

Integrity

Integrity identifies features that support firm adherence to objectivity in the collection, compilation, and dissemination of statistics so as to maintain users’ confidence. Elements refer to the professionalism and ethical standards that should guide policies and practices, which should be reinforced by their transparency.

13. The DS follows professional principles in performing its work and is subject to the codes of conduct of civil servants. The DS indicated that it had had no experience of external interference in the compilation and dissemination of its statistics, and that the national accounts are available to all users at the same time that they are provided to government users. However, once the price indexes have been passed to publications staff, they are effectively available on demand, which means that some users would have access to them prior to their publication. The DS is vigilant in ensuring that it is given attribution for its statistics reproduced elsewhere. There are currently no written directives to deal with conflicts of interests, although a code of conduct is planned.

14. Staff involved in producing government finance statistics at the DTFE and the General Treasury of the Kingdom are subject to the codes of conduct of civil servants and accountants. Their independence is largely ensured by the fact that the compilation of the Treasury’s expenditure and revenue table is based on strict government accounting rules, as well as on statistical standards they must follow. However, the choice of sources and of classification techniques used by the DTFE may be influenced at times by the budget’s nomenclature. Finally, public documentation is not available about the way the GFS are compiled, including the internal access the government has to the figures prior to their public release.

15. The Charter of Bank Al-Maghrib provides for its independence from political interference, and this is well publicized with the Charter and the banking law posted on the Bank Al-Maghrib’s recently developed website. The monetary statistics, which are disseminated in various publications and the website of Bank Al-Maghrib, are clearly attributed to Bank Al-Maghrib. Bank Al-Maghrib has indicated that data are disseminated simultaneously to all interested users. However, information on the policies and practices governing the compilation and dissemination of monetary statistics is not published. The recruitment of staff is essentially by competition and a program of internal training is provided. The recruited staff are formally instructed in the ethical rules.

16. The OC appears to enjoy full independence in compiling the balance of payments statistics. However, there is not sufficient public information on the policies and practices governing the agency’s statistical activities, including access to preliminary data before they are publicly available. Ethical standards are respected and new recruits learn about them through internal training at the OC.

Methodological soundness

Methodological soundness refers to the application of international standards, guidelines, and agreed practices. Application of such standards, which are specific to the dataset, is indicative of the soundness of the data and fosters international comparability. Elements refer to the basic building blocks of concepts and definitions, scope, classification and sectorization, and basis for recording.

17. The annual and quarterly national accounts statistics have a 1980 base year, and follow the recommendations of the 1968 SNA. At present, the annual accounts neither include tables showing the expenditure components of GDP at constant prices, nor regular institutional sector accounts. Only limited details are provided by activity and no details of household final consumption are given. However, a major project is underway to rebase the national accounts and to adopt the 1993 SNA, making use of ERETES software and incorporating new structural data. Meanwhile, much promising work has already been done on the national accounts reform, which the authorities indicate should be completed by end-2003.

18. The CPI methodology broadly follows International Labor Organization guidelines. The CPI excludes imputed rents, and the classification is closely allied to COICOP. The reference population is limited to the so-called middle-income urban households. (There is an unpublished index for the rural population). The base year for the CPI is 1989 but the weight structure has been revised in January 1993. Based on 1997, the PPI covers mining, manufacturing and energy. Its methodology is in line with international standards, using the up-to-date classification of activities based on ISIC rev 3.

19. The DTFE’s Treasury’s expenditure and revenue table is generally consistent with the structure and methodology recommended in A Manual on Government Finance Statistics 1986 (GFSM 1986), but there are some deviations reflecting the budget classification. For instance, transfers are classified as goods and services, and privatization operations are recorded in revenue rather than in “loans minus repayment” (GFSM 1986) or financing (Government Finance Statistics Manual 2001). The operations of Hassan II Fund, though converted as an extrabudgetary unit since January 2002, should continue to be part of the Treasury’s expenditure and revenue table. Cash-based recording of revenue and payment orders-based recording of expenditure, as well as the amounts recorded, follow recognized practices. Deposits at the Treasury and the advances of Bank Al-Maghrib are, however, excluded from domestic debt. The GFS coverage does not include local authority accounts, which have, however, been recently compiled by the Treasury General of the Kingdom.

20. The methodological framework used for compiling monetary statistics is based on the concepts and definitions in the Guide to Money and Banking Statistics in International Financial Statistics of December 1984. The monetary survey presents the consolidated accounts of the central bank and the other depository corporations, thus ensuring full coverage of the depository corporations sector. There are deficiencies in the breakdown of the financial assets and liabilities by resident institutional sectors; accrual accounting and market price valuation should also be applied. Offshore banks are treated as nonresident, and not as other resident financial intermediaries (though their economic activities are considered negligible).

21. In general, Morocco’s balance of payments statistics are in line with the concepts and definitions set out in the fifth edition of the Balance of Payments Manual (BPM5). Further work is however needed to implement certain recommendations on scope, classification, and basis for recording. Thus, recent measures to exclude the effects of changes in exchange rates from the valuation of transactions in reserve assets should be continued; transactions in foreign currency assets and liabilities of intermediary banks at their correspondent banks should also be excluded from transactions in reserve assets. The OC is planning to treat operators in free trade zones as residents and should do the same for offshore banks located in Morocco. Transfers of funds by Moroccan nationals residing abroad into their own Dirham accounts are presently treated as current transfers. The Moroccan authorities explained that these funds can only be used within Morocco by the account holders or their families; these conditions may evolve as further liberalization occurs and may need to be reconsidered.

Accuracy and reliability

Accuracy and reliability identifies features that contribute to the goal that data portray reality. Elements refer to identified features of the source data, statistical techniques, and supporting assessments and validation.

22. The structural data upon which the national accounts estimates depend are seriously outdated, and the base year of the present estimates is still 1980. For example, there is no information on the output of market services. Overall, the statistical techniques used to compile the national accounts are appropriate, except for those for estimating GDP at constant prices. Data sources are checked and discrepancies between intermediate and final estimates investigated. The validation process is, however, somewhat hampered by the single approach (production) used to compile the national accounts. Studies of revisions are conducted, but the results are not always used to improve preliminary estimates. As for the quarterly estimates, statistical techniques are extensively used since there is virtually no data source (with the exception of a large-scale labor force survey that provides, however, most useful quarterly indicators of employment). Still, each year the estimates are revised to make them consistent with the annual totals on occasion of the compilation of the annual accounts. As noted earlier, a major project has been underway for some time to renew the annual sources of structural data, including a survey of informal activity as well as a census of formal sector enterprises. This project, which will provide for the integration of more data sources, along with the proposed establishment of a common business register and better relationships with other agencies, should lead to major improvements to the national accounts.

23. The CPI and PPI source data collected by the DS are thoroughly checked. The chained Laspeyres index is used for aggregation, and the methods used to replace missing observations are satisfactory. The CPI weights were sometimes updated in January 1993 on the basis of the 1990-91 household standards of living survey. A full reform of the index is planned for 2003 to be based on the results of a new household consumption survey. Weights for the current PPI are based on data from the 1997 annual industrial survey, supplemented with information from other survey sources. There are, however, delays in obtaining certain data sources. The coverage of these source data, compared to their scope, is about 80%. While the staff involved in compiling the price indices is very conscious of taking account of quality changes within varieties, it could usefully apply statistical techniques to analyze the data, for example, by monitoring the variation in the observations for specific varieties each month. During the mission, a study was initiated on the revisions in the PPI series resulting from delays in the receipt of source data.

24. There is a great wealth of source data available to produce a broader scope of GFS that could encompass the full public sector. In the meantime, the data routinely available to the DTFE for compiling the Treasury’s expenditure and revenue table come from accounting sources limited to the central government, sources that are, however, considered accurate and that are aggregated by the General Treasury of the Kingdom. In addition, the operational databases maintained by the DTFE ensure the reliability of domestic debt and external debt data (stocks, drawings, repayments and interest). However, the potential of revision studies to improve the accounts is hampered by the current procedure of including revisions in the monthly cumulative statistics, instead of in the months to which they apply. A local government account has recently been established by the General Treasury of the Kingdom as the culmination of a broad-based project to collect detailed data. This account, together with data from the Directorate of public establishments and participations (DEPP), could be used to compile and disseminate an expanded GFS that would cover general government and the public sector.

25. The source data used for compiling monetary statistics comprise the monthly financial statement of Bank Al-Maghrib, the aggregated financial statements of the banks, and data on deposits at the Treasury and at the two other depository corporations. All the data sources are considered accurate and are current, except for the deposits at the Treasury where information is no longer forthcoming. Although the new sectoral chart of accounts was implemented in January 2000, the banks have yet to provide the breakdown of domestic credit by institutional sector that is required. In 2001, Bank Al-Maghrib issued a Circular to strengthen the reporting requirements for banks to submit their reporting statements in a timely fashion and with the required details.

26. The monetary statistics are published in a provisional version for the latest month and in a final version for the previous month. For banks that are late, the data of the previous month are brought forward and superseded the subsequent month with reported data. The revisions are small, as the focus is more on coverage than timeliness; a shift to more timely data would entail making greater use of estimates (that would benefit from revision studies). There is no program for seasonally adjusting the monetary aggregates.

27. Customs data and bank reports on foreign exchange operations are the data sources for Morocco’s balance of payments. The OC continuously assesses and validates the data collected from these sources. Intermediate data are regularly cross-checked with other sources, and the statistical discrepancy analyzed in order to detect inconsistencies. However, they may be limited to ensure that the estimates remain well-founded in an environment where transactions with the rest of the world are being liberalized, and this is why the OC initiated legal measures to obtain access to survey sources. In the meantime, the data sources could also be expanded to include international sources. Revisions are not routinely studied with a view to strengthening, where necessary, the methods used to conduct preliminary estimates.

Serviceability

Serviceability focuses on practical aspects of how well a dataset meet users’ needs. Elements refer to the extent to which data are relevant, produced, and disseminated in a timely fashion with appropriate periodicity, are consistent internally and with other datasets, and follow a predictable revisions policy.

28. There is no routine arrangement for consultations with major users to verify the serviceability of the national accounts statistics. The dissemination practices as regards periodicity and timeliness are well within the GDDS recommendations, and would meet the SDDS requirements with a small improvement in the release dates. National accounts estimates on transactions with the rest of the world are comparable with the balance of payments figures; the national accounts figures differ from the government finance statistics because of different definitions. The revision policy for the provisional estimates of the annual and quarterly accounts is stable, but is not explained in the documentation to the public.

29. The CPI and PPI seem to meet user needs. However, there is no systematic method of consulting users. The CPI is produced on a monthly basis. The PPI and the index of production itself (produced directly from volume data) are published on a quarterly basis (according to SDDS this should be monthly). The two price indices are available three weeks after the end of the reference period, surpassing the one-month requirement in the SDDS. The revision policy could be clarified in a note in the publication.

30. The Treasury’s expenditure and revenue table is very useful for monitoring the departmental revenue and spending against the budget. It also contributes to the forecasting processes, especially those related to the Finance Acts. Moreover, given the short time in which it is produced—close to SDDS standards—it can play a major role in discussions among government ministries. It therefore seems very suitable for the needs of government authorities. Nonetheless, more attention could be paid to the needs of other users. The details supplied to the general public are insufficient and the coverage too narrow to be amenable to international comparisons. No details in financing are provided with the expenditure and revenue table. Users may find it hard to make the link between financing data and debt data because of the narrow definition of domestic debt. Moreover, there are breaks in the time series. Finally, the revisions are not shown in the specific monthly data but only in the cumulative month-to-date data, and the public is not informed of the revision policy procedures.

31. Regarding Morocco’s monetary statistics, users have expressed interest in the breakdown of domestic credit by institutional sector, which is not at present available. Special attention has recently been paid by Bank Al-Maghrib to improving the timeliness of monetary statistics which is now about 35-37 days, thus greatly exceeding the GDDS recommendations, and coming close to the SDDS requirement (30 days). The periodicity of monetary statistics is monthly. While there remain breaks in the more detailed series, Morocco’s monetary statistics are available in the form of long, consistent, monthly time series (1981-2001) because of the efforts made after the 1998 reform to reconstruct the data series. Provisional and final versions of monetary statistics are clearly identified. However, Bank Al-Maghrib does not provide information on its revision policy.

32. The timeliness in disseminating the balance of payments data exceeds the GDDS recommendations, and the quarterly periodicity is in fact in conformity with the SDDS. Frequent requests by the public to the OC attest the very keen interest in the balance of payments data. However, there is not a systematic approach to user consultation. The balance of payments statistics are reconcilable with the foreign trade data, the “rest of the world” account, and external debt data. However, users have in the past noted discrepancies with other economic indicators. While preliminary data are identified as such, revisions are made continuously, to the cumulative series for the quarter to date, and not to the quarters to which they relate. Although users are aware of these procedures, the revision policy is not published as such.

Accessibility

Accessibility deals with the availability of information to users. Elements refer to the extent to which data and metadata are clear and easily available and to which assistance to the user is adequate to help them find and use the data.

33. The national accounts statistics are disseminated with comments, tables, and charts to facilitate their analysis. The data are disseminated first by press release, then in the monthly bulletin Repères statistiques and on the Internet, and later in a more comprehensive publication. The provision of more detailed time series upon request from the Directorate’s public database on diskette or by e-mail could be better advertised in the paper publications. A major project is underway to improve on-line access to time-series. Detailed metadata are published, and there is a help service for users. While the publication dates are stable, an advance release calendar is not however available.

34. Similarly, although users know roughly when to expect the data, no advance release calendar is published for the CPI and the PPI. At present, once the price indexes have been passed to publications staff, they are effectively available on demand before they are published officially in the monthly Repères statistiques and other media, including the website. Appropriate methodological notes and catalogs of publications are available, along with a help service to users.

35. The GFS are published in diverse formats by various directorates of the MEFPT and the Ministry of Economic Forecasting and Planning in the context of economic bulletins/reports (memoranda) and economic activity indicators, and by Bank Al-Maghrib in its quarterly bulletin with several charts and explanatory remarks. As the presentation frameworks vary, this can be confusing to users, especially as there is no longer a publication (annual) solely dedicated to GFS. The figures shown are mainly cumulative month-to-date, and time series are available upon request. The documentation describing the sources and methods is not published. While staff members are available to respond to users’ questions, the publications do not provide details of the person or telephone number to contact.

36. Morocco’s monetary statistics are published in a monthly publication, a quarterly bulletin, and the Annual Report of Bank Al-Maghrib. The monthly publication and the annual report contain charts as well as analyses of developments. Since December 2001, the Bank has a website on which it disseminates monetary statistics. While approximate release dates are generally known by regular data users, there is no advance release calendar. The published methodology is limited to the brief explanatory memorandum prepared for the 1998 reform. More detailed data than those published are available free of charge, on request. The publications and the website provide the address, fax number, telephone number and e-mail address of Bank Al-Maghrib staff.

37. The accessibility of the balance of payments statistics is adequate to meet most user needs. The statistics are released in monthly publications (for major categories of international transactions) and in quarterly and annual publications and are also available on the OC’s website. Only the quarter-to-date figures are currently published, but it is planned to publish quarterly series by the end of 2002. Upon request, data that are more detailed but not confidential can be obtained free of charge. In the publications, the data are accompanied by methodological memoranda and explanatory notes. The methodological publication currently available, however, is not sufficiently comprehensive to meet the needs of more specialized users. Approximate release dates are generally known by regular data users, but there is no published advance release calendar.

IV. Staff’s Recommendations

38. Based on the results of the data quality assessment, discussions with the Moroccan data producing agencies, and responses from data users, the following measures are proposed to (a) enhance the organizational structure of Morocco’s statistical system;, (b) bring the latter closer to international standards, and (c) improve the usefulness of the data. These recommendations, which are subdivided into those that can be implemented in the short-term (less than a year) and those that can be implemented in the medium-term (more than a year but less than three years), build on the authorities’ plans as shown in Table 2. In addition, the most critical measures to address deficiencies in respect to these points and make economic and financial statistics more adequate for surveillance are identified as priority.

Table 2.

Morocco: Data Quality Assessment Framework—Summary Presentation of Results

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General Recommendations

Short term

  • As a priority, appoint a coordinator for all work related to Morocco’s subscription to the SDDS, with responsibility for drawing up, in consultation with all the agencies concerned, an action plan spelling out the tasks to be accomplished by each agency, with deadlines, and for monitoring progress;

  • As a priority, strengthen the coordination between the main agencies that collect and disseminate macroeconomic statistics;

  • As a priority, adopt a revision policy and practice that takes account of user needs with regard to consistency of the data over time. Monitor revisions and analyze their impact, direction, and sources to improve the data compilation processes and techniques; and

  • Develop and disseminate advance publication calendars for all the sectors.

  • Establish standard arrangements for consulting the users of macroeconomic statistics.

Medium term

  • Develop a website dedicated to data dissemination within the SDDS framework;

  • Continue the development of metadata for the SDDS datasets.

Real Sector



Wages/earnings and industrial production index

Short term

  • As a priority, study the modalities of developing quarterly statistics on the wages/earnings of formal sector employees;

  • As a priority, study the feasibility of establishing a monthly industrial production index and reduce the time for dissemination to six weeks, for instance by moving toward the use of total turnover data deflated by monthly producer price indices.

National Accounts

Short term

  • Speed up compilation of the quarterly national accounts by ten days to meet the SDDS timeliness;

  • Vigorously pursue the program to reform the national accounts and the structural and periodic basic statistics on which they are based;

  • Continue developing the proposed business register and keep it up to date; and

  • Increase the staffing for the processing of data from the household consumption survey, so that the results are available on time.

Medium term

  • Conduct structural censuses/surveys (agriculture, industries, services, informal sector, construction and public works, etc.) every five years preferably, and at least every ten years, strictly observing the regular cycle once it is set.

Consumer Price Index

Medium term

  • Develop a continuous system for updating the products and the weights applied to price indices; ensure that household surveys are carried out preferably every three years.

Producer Price Index

Short term

  • Post the producer price index data on the DS website.

Government Finance Statistics

Short term

  • As a priority, implement the authorities’ plans: (i) to publish the details on financing in the Treasury’s expenditure and revenue table, (ii) to include the penultimate month (revised) in this table;

  • As a priority, revive, in an improved format, the publication of annual statistics, covering the whole of central government and eventually general government;

  • Publish monthly and quarterly data (in addition to time series of cumulative data) and with a greater detail, which is internally available; and

  • Reclassify properly transfers paid and privatization proceeds; maintain the Hassan II Fund within central government and in the Treasury’s expenditure and revenue table; and include deposits at the Treasury and the advances of Bank Al-Maghrib within domestic debt.

Medium term

  • Publish consolidated data on general government using the data on the non-budgetary central government units from the DEPP and incorporating the local authorities account established by the General Treasury of the Kingdom. Clarify the responsibility of producing the broader scope of GFS statistics along with the resources required;

  • Produce data of public sector enterprises controlled by government departments; and

  • With technical assistance, design and implement a strategic plan for the phased introduction of the IMF Manual on Government Finance Statistics (GFSM 2001). Arrange for the training and allocation of staff.

Monetary and Financial Statistics

Short term

  • As a priority, reduce to 15 days the timeliness of the analytical accounts of Bank Al-Maghrib and to one month those of the banking sector;

  • As a priority, disseminate the data on the breakdown of bank credit to the public sector and to the private sector;

  • Strengthen the staff currently responsible for compiling the monetary statistics;

  • With technical assistance, adopt the MFSM methodology concerning: (i) the sectorization of the economy; (ii) the classification and valuation of financial assets and liabilities; and (iii) accrual accounting for the compilation of monetary statistics; and

  • Seek the cooperation of the General Treasury of the Kingdom to provide current data on deposits at the Treasury.

Medium term

  • As a priority, arrange for the electronic transmission to the Research Department of the financial statements of Bank Al-Maghrib and the aggregated financial statements of the banks (which are now reported in paper format); and

  • Establish a program for seasonally adjusting the monetary aggregates.

External Sector

Short term

  • As a priority, establish and disseminate the template on international reserves and foreign currency liquidity;

  • As a priority, establish the international investment position, using available stocks of public and private external debt and on international reserves and estimating the remaining accounts (e.g., by accumulation of the transactions). For the latter accounts, develop in the longer run a survey system with the help of technical assistance;

  • As a priority, reduce to three months the time taken to disseminate the balance of payments by: (i) identifying the delays in checking and validating the source data; (ii) studying the impact of the adjustments made to the source data; and (iii) where necessary, developing estimation methods for compiling preliminary data. Consider disseminating the data by press release to reduce the time taken to publish them; and

  • As a priority, change the classification and valuation of the data on reserve assets to follow the recommendations of BPM5; in particular, reclassify transactions in foreign currency assets and liabilities of intermediary banks with their correspondent banks and continue eliminating the effect of exchange rate changes.

Medium term

  • Use secondary sources—e.g., international organizations such as the Bank for International Settlements, the OECD, the IMF, and the World Bank—to validate the balance of payments figures;

  • With technical assistance, develop quarterly surveys of enterprises and other agencies to improve the scope, classification, and valuation of balance of payments transactions, in particular for processing, transportation services, and financial transactions; and

  • Ensure the participation of some staff members of the OC’s Research and Balance of Payments Division in the Fund’s seminars on balance of payments methodology.

1

The mission team was led by Ms. Lucie Laliberté and comprised Messrs. Cornelis Gorter and Philippe de Rougemont, Msses. Florina Tanase and Beatrice Timmermann, all from the IMF Statistics Department, Mr. Tim Jones (Expert), and Mrs. Anne Rousseau, Administrative Assistant, IMF Bureau of Languages Services.

2

Information on data quality can be found on the IMF website at the “Data Quality Reference Site” (http://dsbb.imf.org/dqrsindex.htm).

3

See also the Generic Framework set out in Appendix II of the accompanying Detailed Assessments volume of this report.

4

Which comprises the General Budget, satellite [annex] budgets, special treasury accounts and the autonomously managed government services.

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Cover IMF Staff Country Reports
Morocco: Report on the Observance of Standards and Codes (ROSC)—Data Module
Author:
International Monetary Fund
Volume/Issue:
Volume 2003: Issue 092
Publisher:
International Monetary Fund
ISBN:
9781451824681
ISSN:
1934-7685
Pages:
186
DOI:
https://doi.org/10.5089/9781451824681.002