Morocco’s 2022 draft budget foresees 3.2% growth, 5.9% budget deficit

Morocco’s government has unveiled the headlines of its budget draft bill forecasting a budget deficit of 5.9% of GDP and a growth rate of 3.2%.

Speaking to the press following a government council, finance minister Nadia Fettah Alaoui and minister in charge of the budget reiterated the commitment of the government to foster the social role of the state and press ahead with education and health reforms while promoting job creation and entrepreneurship.

Minister Fettah Alaoui said that Morocco will increase in 2022 public investments to 245 billion dirhams.

She said Morocco will implement a social security plan through generalizing mandatory health insurance and pensions as well as stipends to the elderly and people with special needs.

The draft budget was prepared at a context marked by the start of the recovery of the Moroccan economy and the implementation of the new development model.

The central bank had said that the Moroccan economy will bounce back to 6.2% in 2021 after a contraction of 6.3% under the combined impact of Covid-19 and drought.

 

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