Morocco’s 2024 budget forecasts 3.7% growth, fiscal deficit at 4%

The Moroccan government expects an economic growth of 3.7% and a narrowing of the fiscal deficit to 4% next year, according to a draft buddget that was approved by a ministerial council chaired this Thursdau by King Mohammed VI.

The earthquake that struck on Sept 8 had no impact on the macro-economic assumptions of the draft budget as the government expects to further cut the deficit from 4.5% expected this year to 4%.

Morocco has reacted efficiently to the earthquake through a multi-pronged programme worth 120 billion dirhams ($12 bln) that targets 4.2 million people in the affected areas, said a royal office statement following a presentation on the highlights of the drafty budget by finance minister Nadia Fettah Alaoui.

The draft budget targets a swift earthquake relief response, addressing water supply challenges, implementing social dialogue deal and backing citizen’s purchasing power.

It also provides for forging ahead with the generalization of safety nets and the beginning of cash handouts to needy households starting from this year’s end.

Direct financial aid to the needy would target 60% of households who do not benefit from social assistance, the statement said.

Few days ago, Morocco has announced an aid program to improve access to housing offering assistance of 100,000 to citizens acquiring a house that costs less than 300,000 and 70000 to homes whose prices ranges between 300,000 and 700,000.

The draft budget also attaches priority to the overhaul of the sectors of health, education and the reform of the judiciary.