Morocco Guarantees $7 Billion in Loans to Boost Economy Amid Pandemic

This support comes within the framework of the "Damane Oxygène" and the "Covid-19 self-employed guarantee" programs, said Mohamed Benchaâboun, Minister of Economy, Finance and Administration Reform, on Monday in Rabat. This was in response to an oral question about "the measures taken by the government to overcome the negative effects of the pandemic on the national economy and public finances", presented by the Justice and Development group in the House of Representatives.

Explaining this considerable government support, he recalled the comprehensive and proactive approach adopted to deal with the social and economic impact of Covid-19, citing the creation of a special treasury account for the management of this pandemic and the Economic Monitoring Committee (CVE).

In addition, the minister said that "23 MMDH have been spent from this Fund to support households benefiting and not benefiting from the medical assistance regime (Ramed), 3 MMDH allocated to the Ministry of Health and we are still financing the vaccination expenses".

Furthermore, Mohamed Benchaâboun specified that in terms of support for companies impacted by Covid, eight program contracts have been signed in favor of certain vulnerable sectors of activity and whose support measures have been extended until June 30.