Morocco Unveils Economic Recovery Plan to Counter COVID-19 Impact

The economic machine is slowly turning again after weeks of shutdown due to the covid-19 pandemic that has hit Morocco since early March, reports Aujourd’hui le Maroc. The Minister of Economy, Finance and Administration Reform recently stated that the Moroccan economy was losing 1 billion dirhams per day in these times of coronavirus. Fortunately, the extent of these losses has, he assured, been contained thanks to the Pandemic Management Fund created on the instructions of King Mohammed VI.

Subsequently, it became necessary to develop an economic recovery plan. The Economic Monitoring Committee (CVE) looked into this during its eighth meeting, held on May 21. Since May 26, all economic activity has resumed timidly except for activities explicitly prohibited by the administrative authorities.

For its part, the CGEM has developed a sectoral recovery plan with a triple purpose. The aim is to restart the national productive apparatus on a sounder basis, to stimulate local demand by encouraging investment and "local consumption" and to accelerate the normalization of Morocco’s economic and social environment. These proposals will be further developed as part of the draft Supplementary Finance Act currently being drafted, the same source said.

This project will be accompanied by a recovery plan. It is a comprehensive and integrated post-covid roadmap, which will promote the gradual restart of the activity of the different economic sectors in accordance with the planned deconfinement scheme.