U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
October 11, 2023
Contact: Treasury Public Affairs; Press@Treasury.gov
Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Minister of Economy and Finance of Morocco Nadia Fettah
As Prepared for Delivery
I am pleased to be in Morocco and to have the opportunity to meet with Minister Fettah here. Minister, thank you for taking the time to meet with me.
First, I would like to express my sympathy, and that of the American people, for the victims of last month’s devastating earthquake. The United States offers our unwavering support and solidarity as Morocco responds to this tragedy.
Minister, I commend Morocco’s fortitude in hosting these meetings. And I hope that they will accelerate Morocco’s recovery from the disaster.
Morocco and the United States have been close partners for centuries – in fact, Morocco was one of the first countries to recognize the United States, opening its ports to American ships in 1777 and formally recognizing the United States by signing a treaty of peace and friendship in 1786, a document that remains representative of the United States’ longest unbroken relationship.
In the economic realm, Morocco has been a model for middle-income countries, showcasing strong and inclusive economic and employment growth, and significant trade and investment flows.
Morocco is implementing a comprehensive strategy to invest in climate adaptation and renewable energy, setting a strong example for peer countries and helping to develop as a regional hub for clean energy.
It already has completed some of the largest solar and wind power facilities on the African continent.
These strong policies and investments have contributed to a strength and resilience that have equipped, and will continue to equip, Morocco to deal with challenges such as the pandemic, fallout from Russia’s unjustified war on Ukraine, drought, and now the recent earthquake.
We are here of course for the IMF and World Bank Annual Meetings. I am pleased that these and other international financial institutions have been important partners for Morocco as it pursues its growth, development and climate agendas, including its plan to become a renewable energy hub as part of a move toward a net-zero economy.