King Mohammed VI Leads Council of Ministers, Reviews 2023 Budget Amid Global Economic Challenges

According to the press release that reported on the various decisions taken during the session, the Minister of Economy and Finance presented a report on the General Orientations of the 2023 Finance Bill. It emerges, according to the explanations provided, that this Project has been developed in an "unstable" international context, with its repercussions in terms of inflation and disruptions in production chains.

This Draft Law is based on four main axes: "strengthening the foundations of the social state, through the implementation of the various components of the Royal project for the generalization of social protection", "relaunching the national economy through the implementation of the new Investment Charter", "the consecration of territorial equity, through the continued implementation of the advanced regionalization project and the program to reduce spatial and social disparities" and "the restoration of budgetary margins to ensure the sustainability of reforms."

At the end of his presentation, the minister stressed that all the orientations of this project will allow Morocco to achieve a growth rate of 4%, an inflation rate around 2% and a budget deficit of 4.5% of Gross Domestic Product (GDP).

During the same session, the King approved three organic law projects and three decree projects, including one setting the conditions for granting family allowances to civil servants, military personnel and state, municipal and public institution employees. In addition, in accordance with the provisions of Article 49 of the Constitution and on the proposal of the Head of Government and at the initiative of the Minister of Economy and Finance, the sovereign appointed Mohamed Benchaaboun as Director General of the Mohammed VI Fund for Investment.