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Rabat – Morocco’s Minister of Economy and Finance, Mohamed Benchaaboun on Thursday pledged the injection of MAD 3.7 billion ($404.4 million) to boost regional economies.
Benchaaboun announced that despite the decline of nearly MAD 40 billion ($4.3 billion) in the resources of the general budget, Morocco is committed to inject the full contribution, including the fourth installment estimated at MAD 800 million ($87.4 million) before the end of 2020.
The sum will benefit regional councils.
Minister Benchaaboun said that Morocco transferred nearly MAD 31 billion ($3.3 billion) to Moroccan regions since 2016.
The Minister’s declaration took place before the Finance and Economic Development Committee’s presentation of its report on Morocco’s 2021 Finance Bill, at the House of Representatives.
On Friday, a plenary session will take place for the vote on the first part of the finance bill. Also scheduled is a review of the vote on the second part of the bill.The House of Representatives will then vote on the finance bill as a whole on the same day.
The 2021 Finance Bill comes with the objective of implementing a recovery plan for the economy and launching the generalization of a much-needed nationwide social coverage, especially after the negative repercussions of the COVID-19 crisis.
Earlier this year, King Mohammed VI announced in his 21st Throne Day a recovery plan to ease the repercussions of the COVID-19 crisis on the Moroccan economy.
The king said that the country will inject MAD 120 billion ($12.8 billion) into the national economy, with the aim to position Morocco among the most “enterprising countries in terms of post-crisis stimulus packages.”