Morocco: Government to raise its budget by 6.3% in 2024

The Moroccan government has increased its general budget by 6.3% to about 62 billion dollars to meet increasing spending on social safety nets, earthquake reconstruction, job creation, and economic development.

Speaking to members of Parliament, Finance Minister Nadia Fettah Alaoui said the government will also increase its public investment budget by 35 billion dirhams to 335 billion dirhams next year.

Alaoui was presenting the highlights of next year’s draft budget which will be examined by the Parliament’s two houses before final adoption.

Despite the increase in the budgets allocated to health, education, mandatory health insurance and public investment, the government expects the fiscal deficit to further widen this year to 4% of GDP from 4.5% last year.

This indicates continuous effort to maintain macroeconomic balances and reduce debt to GDP, she said.

The government expects the economy to grow 3.7% next year, expecting an improved cereals harvest and an increase in foreign demand on Moroccan goods.