Morocco to Write off Debt of Young Entrepreneurs
The Moroccan government will support young entrepreneurs by canceling their debts owed to the State provided the overall or the remaining amount is less than $5000.
The move was unveiled on Monday by Economy and Finance Minister Mohamed Benchaaboun while presenting the 2019 draft finance bill to the Parliament.
It seeks to help young entrepreneurs overcome conjunctural difficulties, encourage them create SMEs, support youth entrepreneurship, social businesses and self-employment initiatives.
This youth-oriented drive comes after the speech made by King Mohammed VI at the opening of the parliamentary fall session.
In his speech, the Monarch said the youth employment is “one of my foremost concerns”, noting that there are a number of sectors which can contribute to creating more job opportunities.
Thus, the 2019 draft budget increased funding for the creation of 40,248 jobs in the public sector. The government plans to spend $6.8 billion on education, $1.6 billion on health care and 1.7 billion in subsidies for wheat, cooking gas & sugar to support the local purchasing power and reduce social disparities.
Youth employment and the improvement of the performance of the sectors of education and health are the top priorities of the Moroccan government facing social and economic challenges.
To fund the projects laid out in these priority sectors, the government intends to launch a new privatization program, and pledges to encourage investments and reduce budget deficit to 3.3 percent of GDP in 2019.
In August, King Mohammed VI called for the establishment of a new development model that would close the social and economic gaps, while focusing on youth employment, education and training.