Heavily impacted by the lockdown, a significant number of Moroccan companies have declared bankruptcy.
Rabat – Morocco’s Minister of Economy and Finance, Mohamed Benchaaboun, has called on companies to resume their activities after the end of Ramadan, Eid Al Fitr, to revive the lockdown-stressed national economy.
The economic resumption concerns companies that have not been prohibited from continuing their activities, and the proposed measure does not include companies that opted for remote work.
Companies excluded from the call are those active in catering services, hotels, and places of gathering.
Benchaaboun made the request during a Parliament session dedicated to the government’s economic and financial measures to mitigate the repercussions of the COVID-19 crisis on Tuesday, May 19.
Seizing the opportunity, Benchaaboun shared with parliamentarians an update on expenses of the Special Fund for the Management and Response to COVID-19. The minister also highlighted measures the government implemented to support companies, employees, and impacted citizens.
He stated that the fund’s revenues reached MAD 32.7 billion ($3.27 billion) as of Monday, May 18. He added that more than MAD 2.2 billion ($220 million) was allocated to upgrade the health sector while a further MAD 11.5 billion ($1.15 billion) was dedicated to the Economic Watch Committee’s (CVE) measures in favor of impacted businesses and employees.
The CVE is tasked with finding urgent solutions to pressing societal and economic issues and come up with suggestions to launch optimal reforms.
Since the implementation of the nationwide lockdown, the committee has taken a series of measures in favor of furloughed employees as well as for businesses affected by the pandemic. The measures focused particularly on micro-, small-, and medium-sized enterprises (SMEs), intermediate-sized enterprises (ETI), as well as individuals working in the liberal professions.
The measures taken for companies included the postponement of the filing of tax statements and income statements until June 30, in addition to granting them access to funding through the Damane Oxygene program.
The financial aid program allocated MAD 500 million ($50 million) to support SMEs and ETIs in difficulty.
The government also implemented measures for citizens who lost their jobs due to the suspension of many economic activities. The CVE has distributed stipends for workers and employees registered under the National Social Security Fund (CNSS), RAMED holders, and non-RAMED holders who work in the informal sector.
The committee also decided to postpone bank maturities for one quarter, with the potential for a postponement renewal, among other decisions.