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Rabat – Because of its “well-structured economy,” Morocco has been able to avert the cluster of consecutive economic crises that started with the outbreak of the COVID-19 pandemic, Morocco’s Economy and Finance Minister, Nadia Fettah Alaoui said during a conference on Thursday.
While the Moroccan economy was straining under the weight of successive global crises, the country moved to implement a number of tax reforms that allowed the national economy to cope with the external pressure, Fettah explained. Morocco has recently standardized the taxation system for companies members of the Casablanca Finance City (CFC), she noted, adding that the tax reforms meet international standards for tax governance.
The minister highlighted her department’s willingness to expand the base of tax revenues while relieving tax pressures.
“In addition to productive investments at the financial level, there are investments with medium-term impacts that are part of the strategic choices of the state including in the field of health and education,” she said, urging private sector operators to consider investing in areas that are closely related to Morocco’s development plans.
Fettah’s remarks come on the heels of a recent International Monetary Fund (IMF) assessment commending the Moroccan economy’s resilience in the face of multiple worldwide economic shocks.
The IMF stated that while risks to Morocco’s economic stability persist, “continued strong policies” and “rapid implementation” of reforms would support economic activities moving forward.
In addition, the IMF lauded Morocco’s central bank’s recent decision to hike interest rates to bring down inflation.
Assessing the country’s 2023 state budget, the IMF maintained that Morocco has been able to strike a balance between reducing the state deficit, mitigating the social and economic impact of consecutive crises, and financing structural reforms.
Read Also: IMF Commends Morocco’s Strong Response to Recent Global Shocks
