RABAT // King Mohammed VI of Morocco on Friday appointed a new prime minister to end a political deadlock that left the country without a government for five months.
The king named Saadeddine El Othmani, a former foreign minister who belongs to the Islamist Justice and Development Party (PJD), to replace Abdelilah Benkirane, who had failed to form a government after the party won the most seats in last October’s elections.
On Thursday, the royal palace announced the king had dismissed Mr Benkirane.
The prime minister-designate is a trained psychiatrist who served as secretary general of the PJD from 2004 to 2008 and as foreign minister from January 2012 to October 2013.
The PJD came to power after the king relinquished some of his near-absolute control following protests inspired by the Arab Spring in 2011.
Mr Benkirane led a previous coalition government for five years. This time he could not overcome opposition from Aziz Akhannouch, leader of the National Rally of Independents (RNI) and a billionaire former agriculture minister who is close to the king. The resulting power struggle led to a political impasse.
Mr Benkrane said he would now step down from the party leadership. “All I can say is that of course I accept this decision, which falls in line with the constitution. One cannot say no to His Majesty,” he said.
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* Agence France-Presse
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
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