Morocco’s Swift COVID-19 Response Rivals Wealthy Nations, Report Finds

After the detection of the first cases of Covid-19 contamination, Morocco quickly mobilized a "large number" of tools to support the economy, while putting in place measures to help people hit hard by this crisis, the report said. Despite its high debt, the kingdom has managed to gather enough internal resources to maintain its economy, the report noted, which analyzes the political, economic and social situation in Morocco, Tunisia and Algeria. The study also highlighted the relationships between these countries and Europe in terms of the health crisis and its impact on the economies of North African countries.

In addition, Morocco has recently been able to obtain financing through the money markets without difficulty, confirming the excellence of its relations with its international donors. In contrast to its neighbors, "Morocco’s political stability has allowed it to refinance its debt on the markets and contain inflation." In addition, the "Tanger Med" project, as well as the significant investments of European automotive and aeronautical companies, promote its attractiveness, said the French think tank based in Paris. Moreover, Bank Al-Maghrib has a "good ability to control inflation," not to mention that the country has a sovereign BBB rating on the capital market, according to the Standard & Poor’s agency.

Moreover, before the crisis, Morocco’s macro-financial situation was already stable and its political stability allowed it to refinance its debt on the markets and contain inflation. This is the subject of deep reflection dear to the King and led by Chakib Benmoussa, president of the Special Commission on Morocco’s Development Model. In this sense, Morocco, "very integrated into European trade," needs the help of neighboring northern countries in this crisis, as this is a situation that can allow Morocco to relaunch itself in the long term, the report stressed.