Morocco Extends COVID-19 Fund, Reviews 2020 Budget Amendments Amid Crisis

The latest council chaired by King Mohammed VI decided, among other things, that the Special Covid-19 Fund will operate until the end of 2020, reports Aujourd’hui le Maroc. In this case, the council reviewed the general guidelines of the draft amending finance law for the 2020 fiscal year.

In order to preserve employment in the private sector, a portion of the Special Covid-19 Fund will be dedicated to the continuation, until the end of the year, of social and economic measures for the benefit of sectors severely affected by the crisis. Concretely, this involves supporting the various sectors in order to preserve more than 80% of the employees declared to the National Social Security Fund (CNSS) and to regularize the situation of undeclared employees.

The draft amending finance law also provides for support for the gradual resumption of economic activity. In this context, the government intends to implement measures according to the specificities of each sector and the impact of the crisis. A maximum preferential interest rate of 3.5% with a repayment period of 7 years, two years of grace and a state guarantee ranging from 80 to 95% will be granted to very small businesses.

The third point of the project deals with the revitalization of the process of implementing administrative reforms. In this sense, legal provisions will be taken to simplify administrative procedures and formalities, particularly with regard to compliance with maximum deadlines for responding to investment requests.