First Independent Mena Newspaper
Finance Minister Mohamed Benchaaboun said the economic impact of the coronavirus will continue to reverberate in 2021 as the government faces prospects of a sharp drop in revenue and higher spending. Tax revenue is expected to fall by 25 billion dirhams while additional spending should be mobilized to fund social landmark projects such as the […]
Morocco has completed a successful sale of a 1 billion euro two tranche bond with 5.5 year and 10 year maturity at a rate of 1.375% and 2% respectively, in a deal that reflects the trust enjoyed by the country among international financial institutions despite the difficult context of the pandemic. Demand on the bond […]
The coronavirus outbreak has caused a surge in spending and a drop in revenues for state coffers pushing the government to review the targets and spending schemes under the 2020 budget while maintaining priority for social spending. The administration has adopted austerity measures to reduce unnecessary spending saving some $200 million that was scheduled for […]
The Moroccan state will distribute aid to 4.3 million families, headed by workers in the informal sector, as the coronavirus outbreak and the measures to contain it freeze economic activity in multiple sectors pushing millions to temporary unemployment, finance minister Benchaaboun said. During the parliament question time Monday, Benchaaboun said that 2.3 million households have […]
The Moroccan economy is well-equipped to absorb the shocks relating to the measures imposed to contain the coronavirus as over half of Morocco’s non-agricultural GDP operates as usual, Finance Minister said. Banks, agri-business, extractive industries and public administrations, representing 53% of non agricultural GDP, maintain normal operations and are unlikely to be affected by the […]
Morocco offers a platform for companies that want to export as it is one of two only countries with an S&P investment grade, Finance Minister Mohamed Benchaaboun said. He recalled that the same credit rating agency has upgraded Morocco’s outlook to stable further boosting its position in international sovereign debt market. The minister told reporters […]
Morocco said its economy will grow by 2.9% in 2019 after 3% in 2018 as the economy continues to be affected by agricultural output, according to finance minister Mohamed Benchaaboun. Rainfall was about 23% less this year compared with 2018, so cereals yield was down 50% compared to a year earlier further deepening the trade […]
Managing Director of the IMF, Christine Lagarde, has hailed the performance of the Moroccan economy and reaffirmed the support of the International Monetary Fund to the efforts made by the country to speed up reforms to promote a stronger and inclusive growth. The remarks were made at a meeting held in Washington with Moroccan economy […]
Morocco believes in the potential for increased trade on the African continent and co-development in various sectors, said Monday evening in Marrakech, Moroccan Minister of Economy and Finance, Mohamed Benchaaboun. “We have already conducted major operations with several African countries in the areas of services, including financial services (banking and insurance), as well as telecommunications […]
Moroccan economy & finance minister, Mohamed Benchaaboun, conferred Thursday in Brussels with the European Commissioner for economic & financial Affairs, taxation and Customs, Pierre Moscovici who praised Morocco’s effort to promote tax good governance. The EU-Morocco economic cooperation prospects were also tackled at this meeting, which was an opportunity for both sides to reiterate the […]