Covid-19 costs five major Moroccan public enterprises over $600 mln

Covid-19 costs five major Moroccan public enterprises over $600 mln

The restrictive measures to slow the outbreak of the coronavirus ensued revenue losses estimated at $600 million for five Moroccan state-owned enterprises.

These include flag carrier RAM, which loses up to $100 million per month, national electricity and water utility with $44 million, airports agency with $30 million, rail operator ONCF with $28 million and the Moroccan highways with $17 million.

The international flight ban has taken a toll on Morocco’s RAM, which mulls a state loan guarantee to cover some of the losses.

RAM’s CEO had informed staff to brace for austerity measures as the company started salary deductions after grounding most of its fleet.

On June 25, the airline will, together with Airarabia, start delivering domestic flights.

Morocco has extended the state of health emergency to July 10 but eased confinement measures allowing cafes and other services to open as well as the resumption of inter-city travel.

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