The proposed 2021 Finance Bill earned the votes of 59 members of the Parliament. Meanwhile, 29 MPs voted against it.
The House of Representatives’ approval of the legal text pushes it closer to its officialization. The bill was first approved by the Moroccan Government Council on October 16.
According to a presentation by Government Spokesperson Saaid Amzazi, the 2021 Finance Bill seeks to facilitate the creation of new jobs, social security coverage, and the reform of public establishments and enterprises.
The legal text will cover three major axes, with the main objective being to revive the Moroccan economy after the COVID-19 crisis.
The first axis of the bill concerns the protection of jobs through easing the flow of cash for companies, especially small and mid-sized businesses.
Morocco’s 2021 Finance Bill will make this possible through a reinforced budget for public investments. The text allocates a budget of MAD 230 billion ($25.19 billion) for investments, including MAD 45 billion ($4.93 billion) for the King Mohammed VI Fund for Investment.
King Mohammed VI announced the investment fund during his Throne Day speech on July 29.
“We need […] to launch an ambitious economic stimulus plan to enable our productive sectors to recover and to increase their ability to provide jobs and preserve sources of income,” he said.
The second axis of Morocco’s 2021 Finance Bill concerns the generalization of basic medical coverage over two years, 2021 and 2022.
This section of the bill also follows royal directives. In his Throne Day speech, King Mohammed VI called for the generalization of various social security programs to cover all Moroccans in the next five years.
The recently-approved legal text provides for an increased budget to upgrade Moroccan hospitals and medical infrastructures as well.
The third axis of the 2021 Finance Bill relates to the reform of Morocco’s public establishments and enterprises. The bill provides for the liquidation of public companies that do not provide an added value and the regrouping of establishments operating in similar fields.