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Morocco Introduces Zero-Interest Loans for Self-Employed Workers Amid COVID-19 Crisis
Wednesday 22 April 2020, by
The Economic Monitoring Committee (CVE) held its 5th meeting on April 20, 2020. New measures have been taken to relieve self-employed workers affected by the consequences of the coronavirus crisis.
Implementation of a zero-interest loan for self-employed workers up to 15,000 dirhams. This loan will be available from April 27, 2020. This is one of the main decisions taken by the CVE on the occasion of its 5th committee meeting. This loan, which aims to relieve the affected self-employed workers, is repayable over a period of up to 3 years, with a one-year grace period.
The CVE specifies that the insurance sector will contribute, for an amount of 100 million dirhams, to the implementation of the loan, thus guaranteeing the full coverage of the related interest. There is also the exceptional accounting treatment over 5 years, to spread the donations and charges related to the period of the state of health emergency. The implementation modalities, adapted to the companies in this crisis context, will be examined by the National Accounting Council at an upcoming meeting.
Measures have also been taken for companies in the real estate sector whose activities have experienced a significant decline. This involves easing the procedures for declaring employees affiliated with the CNSS who are on temporary leave. The CVE is already preparing a post-crisis plan for the gradual recovery of the kingdom’s economy.