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Join on Telegram Rabat – Morocco’s Government Council, led by Aziz Akhannouch, adopted on Thursday the 2023 Finance Bill and its accompanying texts and draft decree. The budget law aims to stimulate socio-economic development and strengthen the country’s economy.
The decision comes after King Mohammed VI approved the “major” axes of the 2023 draft budget law in the governing council on Tuesday, a press release from the Ministry in charge of Relations with Parliament indicated.
In a presentation before the King, the Minister of Economy and Finance Nadia Fettah stressed that the budget project “was developed in an unstable international context” and took into consideration the current repercussions, including inflation and disruption of the production chain.
Morocco’s economy has greatly suffered due to the worst drought in three decades as well as the ongoing war in Ukraine.
The 2023 Finance Bill addresses four main topics. The first segment aims to improve Morocco’s national healthcare system by increasing funds allocated to the health sector and ensuring that more Moroccans have social protection.
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The second segment of the project focuses on “reviving” Morocco’s economy by boosting investment, highlighted the statement. Meanwhile, the third aspect of the bill aims to achieve spatial justice and advanced regionalization in the country to reduce social disparities.
The fourth objective seeks to restore the country’s budgetary margins “in order to ensure the sustainability of reforms,” added the statement. In order to achieve this, the government is set to adopt innovative financing mechanisms, ensure better tax collection, and rationalize administrative operating expenses.
The statement noted that the bill was based on a forecasted 4.5% economic growth rate, an inflation rate of 4%, and a budget deficit rate of 4.5%, while taking into account the global context and the economic developments at the national level.
In addition, the Government Council approved three draft decrees granting the Minister of Economy and Finance authority in regard to internal loans, external funding, and the conclusion of loan contracts.
The statement stressed that the 2023 Finance Bill aligns with Morocco’s new investment charter, which intends to support the objectives of the country’s New Development Model (NDM).
