News Coronavirus watch20 Oct 2020

Morocco:Post-COVID-19 stimulus package to boost economy

| 20 Oct 2020

Morocco has adopted a stimulus plan focused on three axes seeking to set up universal health coverage for all citizens, a better pension plan and an enhanced family allowance system, aimed at helping its economy recover from the COVID-19 crisis, said minister of economy and finance Mohamed Benchaâboun during a recent virtual conference held as part of the annual meetings of the IMF and the World Bank.

The economic recovery plan, based on royal guidelines, comes in response to the COVID-19 pandemic that has shown some deficiencies and prompted the public authorities to review the country’s social and economic priorities, said Mr Benchaâboun during the conference, dedicated to ‘Morocco’s Experience in Response to the COVID-19 Crisis’.

The stimulus plan’s goal is to boost the economy, enhance social protection, support productive sectors, especially SMEs, help to create jobs and preserve sources of income.

The plan will be launched on 1 January, said Mr Benchaâboun, adding the goal to include 22m Moroccans in the compulsory health insurance system in the two coming years as “an extraordinary challenge”.  

To ensure success to this package, he said 11% of the country’s GDP has been earmarked for the economic recovery. “Of this 11%, 7% of GDP will be earmarked for everything related to the state guarantees granted to the economy, while 4 % will be allotted to a strategic investment fund, namely the Mohammed VI Investment Fund.”

The minister said the plan also provides for the reform of the public sector with the restructuring of public institutions, setting up a national agency for the strategic management of state investments and maintaining the macroeconomic stability.

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