The committee was established to mitigate the fallout of the COVID-19 crisis on the national economy.
Rabat – Morocco’s Economic Watch Committee (CVE) reached an agreement during its third meeting on March 23 to provide financial relief to informal workers suffering from the economic impact COVID-19.
The CVE members decided to put in place a mobile payment mechanism to distribute compensation for informal sector workers, according to Moroccan outlet Telquel.
The compensation method involves a digital platform where aid applicants will have to fill out their personal details including an ID number, phone number, and evidence of their occupation.
The CVE is chaired by Minister of Finance Mohammed Benchaaboun and brings together several officials from ministries as well as representatives of the General Confederation of Moroccan Enterprises CGEM.
The committee was formed to alleviate the impact of the COVID-19 pandemic on the national economy and Moroccan society.
During its first two meetings, the committee decided to distribute MAD 2,000 ($203) as financial relief for people affected by the shut down of the companies they work for.
The compensation only concerns those registered in Morocco’s National Social Security Fund CNSS as of the end of February.
The committee also decided to postpone bank maturities for a quarter.
To alleviate the impact of the coronavirus on Morocco’s economy and society, King Mohammed VI directed the government to create the Special Fund for the Management and Response to COVID-19, with an initial sum of $1 billion.
Since its inception on March 15, the fund’s worth has more than doubled thanks to billions of dollars in donations from philanthropists, business people, and private and public institutions.
The fund will also cover the expenses of upgrading medical equipment required for treating COVID-19 patients.
At the time of writing, the number of people infected with the coronavirus in Morocco stands at 170, including five deaths and six recoveries. So far, 685 potential cases of COVID-19 have been ruled out following negative laboratory tests.