Rabat – The Moroccan government has launched a new economic monitoring committee to follow the developments of the novel coronavirus (COVID-19) outbreak and mitigate its impact on the national economy.
The Ministry of Economy made the announcement on Wednesday, March 11, as Morocco recorded its fifth confirmed COVID-19 case.
The new committee will develop measures and mechanisms to closely follow up on the developments of the epidemic and find ways to support the economic sectors directly affected by the global health threat, notably tourism and transport.
The committee, chaired by Minister of Economy Mohamed Benchaaboun, includes members of several ministries and economic institutions.
The monitoring committee includes the Ministries of Interior, Foreign Affairs, Agriculture, Health, Industry, Tourism, and Employment.
It also includes Morocco’s central bank, Bank al-Maghrib, as well as the Professional Group of Moroccan Banks (GPBM); the General Confederation of Moroccan Businesses (CGEM); the Moroccan Federation of Trade, Industry, and Services; and the Moroccan Federation of Handicrafts.
The committee remains open to other actors from both the public and private sectors as the COVID-19 epidemic develops and touches more industries.
Last week, the Ministry of Tourism and the national airline Royal Air Maroc predicted a wave of tourist cancellations in March.
The crisis cell at the tourism ministry predicted the loss of at least 100,000 tourists in March alone.
The investment and finance sector has also taken a hit due to the COVID-19 outbreak. On Monday, March 9, the Casablanca Stock Exchange recorded its lowest value in history.
As fears and uncertainties continue to surround global markets, it remains to be seen how the newly-created committee will cushion the Moroccan economy’s fall.
