Morocco’s Coronavirus Fund Surpasses $2.7 Billion in Record Donations

Launched on March 15 by King Mohammed VI, this fund, endowed with 10 billion dirhams, aims to upgrade the medical system by investing in equipment. It also intends to mitigate the shock induced by the pandemic on the national economy, with financial assistance for priority sectors such as tourism.

In the decree creating this Fund published in the Official Bulletin, this fund is entrusted to the Ministry of Finance, which will be responsible for "collecting donations and executing expenses". For the account of this fund, the government has decided to include the 3.3 billion dirham fine imposed by ANRT on Maroc Telecom in early February in the 10 billion dirham envelope initially allocated by the general state budget.

As for the revenue, it comes from local authorities, public institutions and companies, the private sector, the contribution of international organizations as well as donations. As for the money collected, it will be used to upgrade the health sector, support the national economy, as well as preserve jobs and mitigate the social repercussions of this pandemic.

Donations have multiplied over the past three days, reaching over 27 billion dirhams. In addition to companies and public institutions, which contribute nearly 25% of this budget, or private companies (22%), personal donations have been added. The largest contribution comes from King Mohammed VI, who contributed 2 billion dirhams, followed by Moulay Hafid Elalamy and Anas Sefrioui. The two businessmen contributed 200 million dirhams from their own funds, and not from their companies. As for the advisors and mission officers within the royal cabinet, the walis and governors, the ministers and deputies, the presidents of the institutions, or the officers of the Royal Armed Forces, they have all donated one month’s salary.

To receive these donations, a bank account has been opened in the books of Bank Al-Maghrib for individuals or legal entities wishing to contribute. Pending the definition of the criteria for the use of this fund, the government has already urgently allocated one billion dirhams to the Ministry of Health in order to start equipping itself, announced yesterday in parliament the Minister of Finance, Mohamed Benchaâboun.