The special fund finances monthly government stipends for Morocco’s informal workers
Rabat – Morocco’s Special Fund for the Management and Response to COVID-19 has reached MAD 33.7 billion ($3.6 billion) in value, according to the General Treasury of the Kingdom (TGR).
As part of its monthly bulletin on the public finance statistics of July, TGR also revealed that the special fund’s expenses have amounted to MAD 24.7 billion ($2.6 billion).
King Mohammed VI ordered on March 15 the creation of the fund. Its initial value was $1 billion, aiming to cover the costs of upgrading medical infrastructure and equipment.
The COVID-19 response fund also serves to mitigate the repercussions of the pandemic on Morocco’s economy, including severely hit sectors such as tourism.
The fund has known the contribution of several Moroccan public and private institutions, such as telecommunications company Maroc Telecom, which donated MAD 1.5 billion ($147 million). The fund’s value stood at $3.2 billion on April 24, more than tripling just seven weeks after its creation.
Morocco’s COVID-19 response fund also received donations from Moroccan citizens via text messages. The SMS campaign resulted in a contribution of MAD 6.5 million ($650,000) to the fund by April.
In addition to SMS messages, Moroccans can contribute to the fund through a direct bank transfer to the account RIB 001 810 00 780 002 011 062 02 21, open on the books of BANK AL-MAGHRIB / RABAT, in the name of the Ministerial Treasurer of the Ministry of Economy.
Moroccans Residing Abroad (MREs) can also donate to the fund via Moroccan embassies in their countries of residency.
Diplomatic representations in Morocco also contributed to the fund, including the British and Swiss embassies. The British Ambassador to Morocco, Thomas Reilly, opened a bank account for Britons to contribute to the fund.
The European Union also transferred €157 million into Morocco’s COVID-19 response fund in late May.
Moroccan public servants from all ministries and departments also contributed to the fund. Members of the Moroccan government recently vowed to donate to the fund every month from August through December.
The COVID-19 response fund finances monthly government stipends for Morocco’s informal workers, who have suffered immense financial losses due to the suspension of regular economic activities.