Morocco eases financial burden on enterprises to mitigate Covid-19 repercussions

Morocco will exempt enterprises from paying their contribution to the pension fund CNSS and will grant them a debt moratorium as part of measures to offset economic impact of the coronavirus, the Moroccan coronavirus economic monitoring committee said in a statement.

King Mohammed VI instructed the government on Sunday to create a $1 billion fund to upgrade health infrastructure and assist sectors impacted by the coronavirus outbreak, such as tourism and

Besides the contribution of the state, Hassan II Fund will allocate $104 million to the fund while regions will also add some $157 million (1.5 billion DH). The Fund will be fed by other contributions from the private sector and individuals.

So far the sectors of tourism and textile are the most hit by the consequences of Covid-19 as Morocco suspended all international flights.

The closure of all restaurants, cafes, shops and other entertainment places is also set to have economic and social consequences.

Morocco is still in a first stage of the covid-19 spread with most cases imported from abroad, notably Spain, Italy and France.

Total coronavirus cases rose to 38 in the country, including one death and one recovery.