MEDI1TV Afrique : Politique monétaire, croissance, investissements publics, protection sociale et emploi au Maroc - 18/12/2024
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00:00Good evening, ladies and gentlemen, a new directorial rate of 2.5%, a new growth rate
00:20with a drop of 2.6% in 2024, still according to Banque Almerie, and a new unemployment rate
00:28announced this time by the High Commission for Plans on the Basis of Results of the General Review of Population and Habitat.
00:36Unemployment will hit 21.3% of the active population in 2024, an increase of 5% in 10 years, still according to the HCP.
00:46Far from the optimism of some, the reality of the figures reassures us.
00:51It should also be noted that in its very last report, published in 2023-2024, just a few days ago,
00:57the Court of Auditors insisted on an urgent mobilization of resources to guarantee a sustainable economic trajectory
01:04and transform ambitions into tangible realities.
01:08And if we take, for example, the locomotive of national investments, public investments in this case, their quality leaves much to be desired.
01:15Indeed, the Court points to insufficient preliminary studies and often inefficient execution.
01:22So tonight, we are digging into the depths of these last economic publications,
01:27emanating from three distinct and above all independent institutions.
01:32For the debate, I welcome first on the stage of Question d'Actu,
01:34the Professor of Economics at the Université de Montigny V, Professor Zakaria Ferrano.
01:38Good evening and welcome.
01:40Joining us from Casablanca, the Dean of the Faculty of Economic and Social Sciences.
01:46Professor Abdelatef Komat, good evening and thank you for joining us.
01:51Good evening and thank you for the invitation.
01:53Welcome.
01:55We will start this show with the monetary policy of the Bank of Morocco,
02:00which therefore reduces its directorial rate to 2.5%.
02:03Zakaria Ferrano, the downsides of this decision?
02:06Very well, the downsides, I would say, the causes of these decisions are economically justifiable
02:12by the Central Bank or by the Central Bank Council.
02:15So a decision that can be, first of all, I would say, argued by the consequences
02:20experienced, for example, by the European economy or the American economy.
02:24So we have seen that the ECB has reduced its directorial rate,
02:27so in the economic ultimatum said at the time, a few weeks ago,
02:34that inflation would stabilize at an acceptable level by the ECB.
02:38Also, at the level of the Federal Reserve, we have a monetary policy that remains
02:42always accommodating, with a softening that continues to break through at the international level.
02:46So there, inflationary tensions at the international level no longer exist
02:50as we experienced them in 2022-2023.
02:53And so, which means that there is no inflation that will be imported at the Moroccan level
02:58for the six quarters of yesterday's monetary policy decision.
03:03Also, I would add the endogenous elements to the Moroccan economy.
03:07So if we look at the board of the Moroccan economy,
03:10the situation remains a bit on the macroeconomic level favourable.
03:14Firstly, we have, I would say, there are no more inflationary tensions.
03:19We have an inflation rate that will stabilize at the end of 2024 with a level of 1.8%.
03:26We will go towards, I think, 2% in 2025 and probably a resumption of inflation from 2026.
03:33So there, we remain a bit on a horizon where inflation does not constitute a very alarming risk for monetary policy.
03:39Secondly, the macroeconomic indicators are, I would say, green, as the central bank governor says.
03:45We have a budgetary deficit that is controlled.
03:47So we will be at 3.9% in 2025 or 4%, I would say, in 2025.
03:55Also, we have a growth rate that remains positive.
03:58So we are looking at a future growth rate that will be around 4.2%.
04:02This is the answer of the...
04:04For 2025.
04:052025, I'm talking about 2025, but I'm not talking about 2024.
04:07The one in 2024 has been reviewed at a low.
04:09That's it, but the monetary policy decision is based on the next six quarters.
04:12That means we are talking about 2025 and half of 2026.
04:16So 2024 is behind us.
04:18That means we are more in a logic of, I would say, re-evaluation of growth in 2024.
04:23But the monetary policy decision is based on the future.
04:26It is a prospective decision for the future.
04:28So automatically, 2025, we are looking at a growth rate that will be around 4, 4.2%,
04:34which is in line with the financial law.
04:36And also, there is a situation that I would say,
04:38in the long term, there is a growth in the long term that will be sustainable in 2026, 2027.
04:44And it remains, in fact, in line with the forecasts that have been provided
04:48by the World Bank in the World Economic Outlook.
04:52Also, I add to that a very important element,
04:54which is that the situation in terms of credit growth is around 5%
04:58and also deposits around 4% or 4.6%.
05:02This is a situation that suggests, for Banque du Marais Libre,
05:05that there is no reason to remain a little restrictive in terms of monetary policy
05:09and be able to help the economy.
05:11So, to be able to help the economy by reducing, twice this year,
05:15let's remember that the last reduction in the director's rate by the Central Bank
05:20was from 25 base points to 75%.
05:24It was on 27 June 2024, after a status quo on 21 March.
05:30In short, you talked about a projection over six quarters.
05:35Professor Komat, the downsides of this decision,
05:39but now the impacts of this decision, of these two decisions,
05:43because if we add them up,
05:47it's still 50 base points in the space of six months.
05:51Could we expect to reap the fruits of these two decisions
05:55of the Central Bank by reducing the director's rate
05:59in a rather short-term future, for example?
06:03Or perhaps, when can we really feel the impact
06:08of these two decisions of Banque du Marais Libre?
06:12In fact, the impact can be felt
06:15because there is still a gap between the decision of Banque du Marais Libre
06:18and the decision of the commercial banks
06:20to impact the director's rate on the rate felt by the banks.
06:27So, it's true, it's short-term,
06:29but not immediately that we're going to feel this effect.
06:33So, what we need to remember, you said it,
06:36it's true, there were two successive reductions,
06:38but we're still, I would say, far from the rates that were in force
06:43three or four years ago.
06:45So, it's only a return to normal that is being made gradually.
06:53So, of course, this decision,
06:55both at the Moroccan and international level,
06:57to act on the director's rate,
06:59it's an arbitration.
07:00It's an arbitration between precisely the control of inflation
07:05and the stimulation of growth.
07:07The goal is twofold.
07:08It's obviously to fuel investment,
07:12but also to stimulate consumption.
07:16Hence, of course, this decision that is justified.
07:20So, of course, what is it for the future?
07:23Are we going to continue in this downward trend?
07:27In fact, the Central Bank has always said
07:29it's an analysis that is done in a way, I would say, continuous,
07:33and the decision is generally made
07:36on the basis of the country's situation,
07:39on the country's economic, financial and monetary situation,
07:42but also on the trend on an international level,
07:45because Morocco is a very open country on the international level.
07:48It closely follows the evolution of its different indicators
07:51at the international level.
07:53And so, we can't predict what the future will be
07:57in the next administration council,
07:59which is scheduled in three months.
08:00But still, the trend would suggest
08:03that we're certainly going to go towards a BCR trend.
08:07Speaking of a BCR trend,
08:10let's now talk about the Court of Auditors' report.
08:15And here we can say that they didn't go back on their word.
08:21Time is running out.
08:22This is how the Court of Auditors summarized the urgency
08:26released by its annual report for 2023-2024,
08:29a state of affairs and at the same time a roadmap,
08:32because there were also recommendations from the Court of Auditors.
08:35Professor Firano, we are faced with a situation,
08:40a picture drawn by the magistrates of the Court of Auditors,
08:42which is not very enlightening
08:44and which would even worry the magistrates of this same court.
08:48– Absolutely. I would say, end of year figures.
08:50There are a lot of figures coming out at the end of December.
08:53So, we have the Central Bank coming out,
08:55we also have the HCP,
08:57we have the Court of Auditors' report.
08:59And so, it's a matter to be analyzed.
09:00That is to say, it's an assessment, I would say,
09:04it's an assessment of public policies that have been carried out for several years.
09:08And so, the Court of Auditors, when it comes out with its report,
09:11allows me to say a very important element.
09:13The Court of Auditors is among the institutions
09:15that have access to what is called the State,
09:17or the consolidated assessment of the State.
09:18And so, this is a very important element.
09:20When we talk about the consolidated assessment of the State,
09:22it means that it has information on all the accounts of the State,
09:26in a consolidated way.
09:27And so, it allows it,
09:29first of all, to draw up assessments on the economic policies
09:32that are in place, the social policies,
09:34but also to examine the rationalization of all the expenses
09:38that are deployed by the government, by public administrations.
09:41And so, on that, we had a global assessment, I would say,
09:44on the overall state of several projects.
09:47Well, I'm not going to quote everything,
09:49but we had remarks that were formulated on the investment policy.
09:54So, the inefficiency, always, of the investment policy,
09:56and that's something we already know.
09:58So, we have a lot of investment,
10:00but with added value, a very low unemployment rate.
10:03Public investment rate.
10:05Absolutely, I'm talking about the public.
10:07Just to clarify, yes, public investment.
10:09Indeed, I'm talking about what is budgeted
10:11at the level of the financial law, each year.
10:12And so, automatically, we're talking about the State
10:14and the establishment of public enterprises.
10:16And so, automatically, if I take as an example,
10:19we're talking about what we call today the 300, 340 billion
10:22that are budgeted each year at the level of the financial law.
10:25So, this budget of the State that is deployed,
10:27so, there, we know very, very well that the ICOR,
10:30the indicator that allows us to measure the performance of this investment,
10:33only allows us to have a rate between 8 and 9.
10:35That is, for each 9 dirhams invested or 8 dirhams invested,
10:39we can only generate 1 dirham.
10:41And so, automatically, it won't allow us to have an impact on employability.
10:45I would add a very important element.
10:47On investment, we need to be clear.
10:49We invest, but what is the contribution of public investment in growth?
10:53It contributes only 0.8% to growth.
10:56That is, in the 4% that we can generate,
10:58there is only 0.8% that is part of what we call the added value of investment.
11:03And so, automatically, it is normal that the ICOR will say,
11:06we have a whole envelope that is deployed in investment,
11:10but we don't have a return.
11:12There are also several sectors that have been affected.
11:14There is the sector of spending rationalization.
11:16Today, we have a problem that is very important to manage over the medium and long term.
11:20It is the sustainability of budgetary spending.
11:23And so, we know that social protection,
11:25we also know that the restructuring of the health sector,
11:29education, all the social programs that are put in place,
11:33there really needs to be a budget that is stabilized and sustainable over the long term.
11:37How could we have that? There are two solutions.
11:39We need to find a marriage of financing that is the most optimal,
11:41which has been indicated by the Court of Auditors.
11:43And secondly, and this is very important,
11:47we need to rationalize expenses.
11:49And even more.
11:51The expenses, especially if the same Court explains that
11:55the imprecision in the definition of needs and their prioritization
12:01are also the result of prealable studies,
12:03unreliable or even non-existent.
12:05Yet, there are studies, there are budgets that are dedicated to these studies,
12:09which cost millions of dirhams per department.
12:11Very well.
12:13First answer is that I take up the terms of the Court of Auditors,
12:15and the vision of the Court of Auditors.
12:17Today, we should have a targeting of investment by growth.
12:21What does it mean, a targeting of investment by growth?
12:23You don't have to invest to invest.
12:25You have to invest in the sectors that generate added value.
12:29Today, in Morocco, we are clear.
12:31There are only five sectors in the future that will generate added value.
12:35And who says added value says employability.
12:37So there, I completely agree with the Court of Auditors.
12:39We need to have a re-centering of investment in the key sectors.
12:43Today, the vision is clear.
12:45When we go to Parliament to vote on the financial law,
12:47we have investments by departments.
12:49But we don't have a vision by project, by sector, by provider.
12:53And so, automatically, we need to change this idea.
12:55And so, the Court of Auditors is right,
12:57because Morocco has chosen its mission.
12:59We have sectors today that are, for us,
13:01the comparative advantages of the future.
13:03Green hydrogen, etc.
13:05I'm not going to name them, so as not to bounce back
13:07on the same themes that we always address.
13:09But we need to have this strategy.
13:11And the third element, when they tell us to rationalize expenses,
13:15what does that mean?
13:17It means that if you have a re-centering strategy
13:19and you invest in sectors that bring added value,
13:21automatically, you are going to rationalize.
13:23Because there are a lot of expenses that you are not going to put in place.
13:25There are social expenses.
13:27There are social expenses.
13:29What is the added value of these social expenses?
13:31But the social sector is a strategic sector for Morocco.
13:35It is among the five sectors.
13:37But there are other sectors where we deploy a lot of money.
13:39And let me say it very briefly.
13:41Today, we are still waiting for what we call
13:43the policy or the strategy of placing the State.
13:47That means the strategy or the policy of participation of the State.
13:49Why? We are on several sectors.
13:51And we need to have a re-centering strategy.
13:55And here, we are still talking about the State budget,
13:57but we must not forget that we are talking about
13:59the 340 billion of 160 billion States.
14:01But the rest are public companies.
14:03And that's what interests us.
14:05It's the shareholder State.
14:07It's not the re-centering.
14:09Speaking of social protection,
14:11the Court of Accounts, Professor Komat,
14:13advises to transform direct aid
14:15into a source of sustainable income.
14:17How, according to you,
14:19is this feasible,
14:21if I may use the expression,
14:23on the ground?
14:25In fact, the notion of sustainability
14:27is fundamental.
14:29Today, we are in fact
14:31reversing the trend.
14:33You know that,
14:35and this is a trend
14:37recommended by international institutions,
14:39is to go to
14:41direct aid to people
14:43in need
14:45and not to support
14:47the first-need products
14:49which could benefit
14:51sometimes the wealthy class,
14:53much more the class in need.
14:55And so, this is a strategic choice
14:57of Morocco, within the framework
14:59of its social State,
15:01which today has come into force.
15:03This, of course,
15:05is a huge effort
15:07on the part of the State.
15:09You know that when we speak
15:11of social protection today,
15:13it's a budget of 51 billion
15:15dirhams,
15:17so practically half
15:19of the State's budget.
15:21Because it's about supporting,
15:23of course there is direct social aid,
15:25but there is also the support
15:27for medical coverage.
15:29But how can we transform direct aid,
15:31how can we transform direct aid
15:33into a source of sustainable income?
15:35So, sustainability,
15:37in fact, there are
15:39two meanings to sustainability.
15:41To sustainability, it's in time.
15:43It's in time,
15:45it means that we need
15:47to have the means
15:49to maintain this trend
15:51which is today in place by the State.
15:53It shouldn't be
15:55that this trend
15:57is subject to
15:59fluctuations due to
16:01a lack of means to ensure
16:03its sustainability in time.
16:05It's this dimension,
16:07in my opinion,
16:09that evokes the notion of sustainability.
16:11Because there is,
16:13in fact, a risk,
16:15and this is one, I would say,
16:17of the strong points
16:19of the report of the Court of Auditors.
16:21It's the financial dimension
16:23of this effort,
16:25of this trajectory
16:27in which Morocco is
16:29centred today.
16:31Today, Morocco is engaged
16:33in several projects
16:35which absorb
16:37a lot of financed means.
16:39Today, we're talking about investment,
16:41the 320 billion dirhams.
16:43We're talking about the social state
16:45with the 50 billion dirhams.
16:47We're talking about
16:49this trend, I would say,
16:51towards the green economy,
16:53towards a certain number
16:55of heavy investments.
16:57And the concern
16:59of the Court of Auditors
17:01is that the state
17:03can absorb
17:05this effort without
17:07it having a negative
17:09impact, on one hand,
17:11on its macroeconomic
17:13financial balances,
17:15but also on
17:17the social dimension.
17:19And the social dimension, of course,
17:21is the financing of the social state
17:23and this direct aid
17:25to the citizens, which should be
17:27maintained and maintained.
17:29And so, that's what we mean
17:31by durability. It's the durability
17:33in time.
17:34The Court recommends
17:36a refound of the government of the AMO,
17:38by establishing more robust
17:40control mechanisms.
17:42To add to that, I think
17:44that the social aid mechanism
17:46that has been granted is good,
17:48it's a revolution in terms of social protection,
17:50but it mustn't turn into
17:52rent. That's the most important thing.
17:54Today, we need...
17:56Well, that's a mechanism, when you give a
17:58support mechanism, and we had this debate,
18:00I remember, two years ago here, even on this
18:02stage, we discussed the fact of giving
18:04direct social aid
18:06that is granted to households
18:08or those who have
18:10the right
18:12to access it. Well,
18:14the choice has been made, but at the same time
18:16there must be a very important
18:18concern on the economic level,
18:20because it can transform you.
18:22Beyond it being a social aid,
18:24it will become what? It will become a rent.
18:26An assistana.
18:28A system of assistana, and it creates
18:30assistants and not...
18:32Exactly. This risk,
18:34it can hinder the productivity of the economy.
18:36Why? Because when you have
18:38a very high number of people who receive
18:40social aid, automatically,
18:42it can give them what we call a problem of
18:44moral alias. To explain quickly,
18:46it's that they can have an action
18:48Why did we do social aid?
18:50It's to be able to feed and increase
18:52the human development index.
18:54What does it mean to increase the human development index?
18:56It means they have to have access
18:58to education, they have to increase
19:00in social promotion, and they have to
19:02contribute to the productivity of the economy.
19:04And they have to work.
19:06Yes, but we're talking about an unemployment rate of 21.3%.
19:08In the active population,
19:10figures that, let's remember,
19:12concern formal employment.
19:14And we're going to finish with that, because we have three minutes left.
19:16If you don't mind, Professor Ferrano,
19:18the HCP, and these are the results
19:20of the last general census of the population
19:22and of the habitat,
19:2421.3%.
19:2621.3%, unemployment rate.
19:28It's 5% more than 10 years ago,
19:30in 2014.
19:32Very good. It's 5 points more
19:34than in 2014.
19:36We were at 16%, 16.4%.
19:38Today we're at 21.4%.
19:40It's an element...
19:42Why? Well, first,
19:44to be really pragmatic
19:46in the reasoning,
19:48Morocco went through two cycles during the 25 years.
19:50Between 2000 and 2010,
19:522011-2012,
19:54we had growth rates that allowed
19:56employment. We have to be clear about that.
19:58We managed to create jobs
20:00between 150,000 and 160,000
20:02during the first 10 years.
20:04That means between 2000 and 2012
20:06or 2013. And that's always written
20:08in all the writings at the level of the HCP
20:10and other bodies.
20:12Let's start from 2014.
20:142014 is the census. We're at 16%.
20:16First, from 2014,
20:18we started what we call the crisis scenarios.
20:20The 2008 crisis, whose impact
20:22was in Morocco in 2012,
20:24exactly, in 2013.
20:26And from there, until 2019-2020,
20:28we entered a series of crises.
20:30The COVID crisis, and also
20:32the Ukrainian crisis,
20:34drought, etc.
20:36All these problems, during the last
20:3810 years, came together
20:40to make growth impossible
20:42to create jobs.
20:44With 3.2%, 3.4%,
20:463.6%, with the 4%
20:48ceiling we have,
20:50we won't be able to create jobs.
20:52We have to be sure about that.
20:54And I think that yesterday, the government...
20:56It's you who says that. The government says something else.
20:58It says that we can create jobs.
21:00We're talking about hundreds of thousands of jobs.
21:02Good. Good.
21:04On the economic level,
21:06and I speak as a university student,
21:08I tell you very simply, on the economic level,
21:10with 3%, we're starting
21:12to create jobs. Because 3%,
21:14it will allow us to recover inflation.
21:16First, if we have an inflation rate of 2%,
21:18and secondly, to allow
21:20long-term income for the population.
21:22That means the fertility rate we were talking about,
21:24also in the census.
21:26And so, beyond 3%, that's where we're going to start
21:28talking about employability.
21:30Below 3%, there's no job creation.
21:32As was the case for 2024.
21:34I'm not the one who's talking. It's the law of none who's talking.
21:36As was the case for 2024.
21:38We created 2.6% of jobs.
21:40So we shouldn't expect unemployment to go down.
21:42What I'm saying now is that
21:44the 21.4%, the 21% of unemployment,
21:46they're challenging our economic policy
21:48and our public policy.
21:50Today, it's alarming
21:52to be able to think of another way
21:54to look at economic policies.
21:56Why? We have to move towards a pro-employment economic policy.
21:58I say it, I repeat it. Pro-employment.
22:00When we announce 14 billion in the GDP,
22:02aimed at employment,
22:04how can we not fall?
22:06And precisely, since we're talking about
22:08a long-term source of income,
22:10how are these 14 billion going to be invested
22:12by public money
22:14to create employment?
22:16But what kind of employment?
22:18Very well. I completely agree
22:20with the idea of the central bank governor
22:22who said yesterday,
22:24employment is linked to growth.
22:26It's not linked to 14 billion.
22:28Well, of course,
22:30I can't help but react,
22:32Thomas, on this particular point,
22:34very sensitive,
22:36that of the unemployment rate, that of growth,
22:38and above all, do you see
22:40a realistic outcome
22:42with, of course,
22:44the episodes of drought that follow
22:46and the direct impact on rural areas
22:48and on agriculture
22:50and, not to mention, on employment in these regions?
22:54In fact, there are several factors
22:56that make the issue of employment
22:58arise as a very complicated issue.
23:00First of all,
23:02a point of growth
23:04creates fewer jobs
23:06than 15 or 20 years ago.
23:08Today, we estimate
23:10that a point of growth
23:12could create 20,000 or 25,000 jobs,
23:14whereas in time
23:16it created 30,000 or 40,000
23:18because today we're in
23:20capitalistic sectors,
23:22in technological sectors,
23:24which create fewer jobs
23:26than the classic sectors.
23:28Then there's the issue of drought.
23:30Last year,
23:32we practically lost
23:34188,000 jobs
23:36because of drought.
23:38So, it's a factor
23:40that multiplies unemployment.
23:42So, today, of course,
23:44it's a priority
23:46for the government.
23:48In fact, it announced,
23:50and we're waiting for the strategy,
23:52it was announced imminently
23:54that there will be a strategy
23:56for 10 years
23:58which, in principle,
24:00these 14 billion dirhams
24:02should be a bucket of oxygen
24:04to implement this strategy.
24:06For the economist you are,
24:08how can we invest 14 billion dirhams
24:10to create how many permanent jobs?
24:12Because it's good to launch initiatives.
24:14This has been the case in the last two years
24:16of this same government,
24:18to create initiatives,
24:20especially for auto-entrepreneurship
24:22or even for employment,
24:24but we don't have the numbers,
24:26unfortunately,
24:28we haven't audited this,
24:30but we have seen the results
24:32through the numbers of jobs
24:34destroyed in urban areas,
24:36of course.
24:38So, in fact,
24:40we must first remember
24:42that the government has no choice.
24:44Today, the number one problem
24:46for the government
24:48is the issue of unemployment,
24:50especially since the figures
24:52have not been reached
24:54for years.
24:56So, it's a priority issue.
24:58There should be actions.
25:00So, what is it,
25:02in terms of impact,
25:04this strategy that will demonstrate it?
25:06So, how?
25:08In fact, a priori,
25:10there will certainly be
25:12support for employability
25:14by encouraging companies
25:16with layoffs on the social side, etc.
25:18As we have always done
25:20in the data period,
25:22when you hire,
25:24there is an exoneration,
25:26for example, of SNSS, etc.
25:28This is an important step.
25:30There is the second step,
25:32which is entrepreneurship.
25:34Today, we have
25:36an entrepreneurship rate
25:38among the lowest in terms of
25:40company creation,
25:42and what complicates things
25:44is the failure of companies.
25:46So, we create companies,
25:48and these companies are sometimes more important
25:50than the ones we create.
25:52So, we will have to support the creation,
25:54but also try to preserve
25:56those that exist.
25:58So, what is noted is that
26:00at the level of the investment chart,
26:02we are waiting for decrees
26:04regarding support for the TPME.
26:06Absolutely.
26:08Because today, the big structures
26:10have their conditions
26:12of support, we know them,
26:14but we are waiting for the strategy
26:16for the TPE and the TME,
26:18because it is the TPE and the TME
26:20that constitute 93%
26:22of the companies in Morocco
26:24that create jobs.
26:26We have to create others,
26:28and we have to preserve those that exist.
26:30And, in principle, the strategy
26:32should revolve around these dimensions.
26:34Of course, and we are waiting
26:36for the application decrees
26:38regarding the TPE and the TME
26:40in this famous investment chart.
26:42So, we are waiting for the decrees.
26:44And the Minister of Finance reassured
26:46today that the number
26:48in the Parliament,
26:50that the number of bankruptcy
26:52or rather bankruptcy
26:54had not increased,
26:56contrary to the allegations
26:58of some parliamentarians.
27:00This is the end of this episode
27:02of Questions d'Actu.
27:04I hope that we have managed
27:06to shed light on these publications
27:08of major institutions in our country,
27:10namely the Central Bank,
27:12which I thank again.
27:14Thank you again, Zakaria Ferran.
27:16Always a pleasure and my thanks
27:18also go to my dear Eblatef.
27:20Thank you very much,
27:22Professor Komat,
27:24and always a pleasure to welcome you.
27:28Thank you for following us.
27:30Have a very good evening.