(Ecofin Agency) - Social issues are at the heart of the priorities of the Amending Finance Law in Morocco, we learned.
Firstly, the Moroccan government wants to speed up the implementation of the reform of the education, training and scientific research system, improve the employability of young people, improve and generalize health services and guarantee citizens' access to quality health services, as well as support access to decent housing for vulnerable households and the middle class.
The second area of focus is the reduction of social disparities and the establishment of social protection mechanisms. These measures reflect awareness by the government of the country’s fragility despite its economic success, which is often taken as a reference in Africa.
Morocco also intends to improve investment and strengthen support for entrepreneurship to increase growth and job creation, in particular, through support for public investment and the promotion of domestic and foreign private investment. It also plans to pursue major reforms.
As part of these new plans, the country says it will borrow up to MAD60 billion (about $6 billion) on the international capital markets. This is an increase of almost 100% compared to the initial forecasts of the 2020 Finance Law. This adjustment certainly includes the facility of nearly $3 billion obtained from the IMF at the beginning of the spread of covid-19 in the country. With imports likely to fall, the need for foreign exchange will still be felt.