Morocco Unveils $12 Billion Economic Recovery Plan to Boost Jobs and Growth

The State, companies and banks have anticipated the way out of the crisis thanks to this Pact. Sectoral measures should be the subject of contracts and agreements to be signed between the federations concerned.

Pending the availability of this roadmap to the federations concerned, the State’s commitment, as part of the "Pact for Economic Recovery and Employment", has been sealed with the CGEM and the GPBM. It consists of mobilizing 120 billion dirhams to be injected into the national economy.

Part of the envelope should be granted in the form of state-guaranteed loans managed by the Central Guarantee Fund as part of an institutional reform. It should be transformed into a public limited company under the name "Public Bank of the Enterprise".

The other commitment is to allocate 45 billion dirhams to a "Essor" recovery fund, which should directly intervene in investment projects by calling on public-private partnership. This fund should act indirectly through the strengthening of the capital of companies for their development.

Out of the 45 billion DH, the State should contribute with an envelope of 15 billion dirhams while the 30 billion dirhams should be mobilized from national and international institutions. In addition, the State is committed to stimulating demand through public procurement, paying particular attention to national preference, as well as revitalizing the "Intelaka" program, reserving the resources of the Covid-19 Fund for social support until the end of the year, for certain sectors that will remain in difficulty even after the lifting of confinement, it is specified.

Added to this are the acceleration of the reforms required for the improvement of the business climate, the facilitation of the act of investing, in particular the digitization and simplification of procedures, or the acceleration of financial inclusion through mobile payment.