Coronavirus: Moroccan Tourism sector to lose $3.5 bln

Tourism seems to be the most hit sector after Morocco shut its borders with different tourism-related businesses standing to lose 34 billion dirhams ($3.5 bln), head of tourism federation Abdellatif Kabbaj said.

The tourism sector including hotels, restaurants and tour operators, employ 500,000 people whose jobs are at risk because of the consequences of the coronavirus.

Morocco banned all international passenger flights and closed all restaurants, cafes and entertainment venues.

There are 8500 that could be affected including 3500 hotels, Kabbaj said after a meeting with an economic monitoring committee.

The finance ministry said that companies will be spared the contribution to the retirement fund and will be granted a debt moratorium until June.

Morocco also created a fund to back up the most hit sectors and avert the social repercussions of the pandemic while maintaining jobs.