Morocco to offer financial help to the unemployed and suffering businesses due to Covid-19
A Moroccan committee adopted a series of measures, including stipends for the unemployed and loan and tax deferrals for enterprises in difficult financial conditions due to the coronavirus outbreak.
Employees who lost their jobs will receive 2000 dirhams monthly and continue to benefit from family allowances and mandatory health coverage as well as a three-month deferral period on their loans, said the national economic follow-up committee.
Small businesses and the self-employed will also benefit from postponing their due loan until June 30 and will be spared paying social contributions to the pension fund.
The companies with an annual 2019 revenue of less than 20 million dirhams can have, if they wish, a tax deferral until June 30.
These measures will be financed by the special fund, which the King has called for. The fund has so far collected more than 25 billion dirhams in contributions from the public and the private sectors.
Coronavirus is expected to have a hard impact on Moroccan economy whose growth according to the central bank and the planning agency is expected to shrink this year.
The task force, made up of members from different ministries as well as Moroccan banks and the employers’ federation, will meet next Monday to look into ways of supporting those operating in the informal sector.
Morocco has declared a “health emergency” and will restrict movement across the country from 6 PM this Friday to prevent the further spread of the coronavirus. People may only leave their homes to buy food or medicine or go to work after receiving a permit from the authorities.
“The health emergency does not mean stopping the economy,” said the interior ministry, noting that banks, fuel stations and other critical businesses will be able to operate.
The North African country has confirmed 66 cases of the coronavirus and three deaths. Most of the sick caught the virus abroad, but it has now also started to transmit within Moroccan cities.
