Morocco’s 2020 budget to spur economy, keep jobs

A Council of Ministers, chaired by King Mohammed VI in Rabat Monday, examined the headlines of the edited draft budget 2020.

The new budget was elaborated to help the economy recover from the impact of the coronavirus and the restrictive measures relating to it.

It was based on a growth forecast of 5% and a budget deficit of 7.5% and offers a set of measures to help struggling businesses.

These include state guaranteed loans of up to 95% and interest rate for debt to businesses limited at 3.5% as well as a reimbursement period of seven years.

The draft text, which will enter into force after Parliament’s approval, also provides for administrative reforms to make investments easier and speed up digital services and financial inclusion.

The special fund for the Management of the Coronavirus Pandemic, which has collected $3.4 billion will continue be earmarked to mitigate the social and economic consequences of the pandemic.

During the same meeting, the King was briefed about the latest developments of the pandemic in Morocco by the health minister Khalid Ait Taleb who said the surge in new cases was due to the generalization of mass tests.