Marruecos estimula la economía mediante la emisión de un fondo de inversión
The Moroccan government has authorised the launch of a sovereign wealth fund, with a budget of 4.1 billion euros, in order to stimulate public investment in the face of the crisis that is dragging down the economy of the Maghreb state, according to a government official. During the Council of Ministers chaired by King Mohammed VI, it was decided to proceed with the "operationalisation" of this economic recovery plan, created in 2020, according to a press release from the Royal Palace spokesman, Abdelhak Lamrini. Despite the delicate state of the Kingdom's economy, the Moroccan government foresees a 4% growth and a more controlled inflation of 2% in the 2023 Finance Bill (PLF) approved on Tuesday.
The King of Morocco emphasised the importance of investments and their role in stimulating socio-economic development and strengthening the state's capacity to finance various human development programmes. Minister of Economy and Finance Nadia Fettah Alaoui made a presentation to the monarch and affirmed that the draft budget "was developed in an unstable international context impacted in 2022 by a severe drought, the worst in three decades, and the repercussions of the war in Ukraine," taking into account the repercussions in terms of inflation and disruption of production chains.
The budget law aims to address four axes: investment, business liquidity, competitiveness and improving the relationship between the state's administrative actions and private entities. Among the PLF's priorities are reforms in education, administration and the national health system, the implementation of compulsory health insurance and the gradual generalisation of family allowances, in a country marked by strong social and regional disparities.
"The dynamisation of public investment will be directed towards infrastructure projects and ambitious sectoral strategies to strengthen the competitiveness of the national product and national food, health and energy sovereignty," according to the official press release.
The general management of the Mohammed VI Investment Fund has been entrusted to the Moroccan ambassador to France, Mohammed Benchaaboun, former Minister of Finance (2018-2021) and former banker, who will leave this diplomatic post he has held since October 2021.
The first segment of the project aims to optimise the national health system by increasing the funds allocated to the health and social protection sector. The health system suffers from many shortcomings, including a shortage of medical staff. Morocco's hospitals have an acute shortage, with only 32,000 doctors and 65,000 nurses operating in the sector. The second main objective of the new draft budget law is the revival of Morocco's national economy. The North African country seeks to revive the economy by supporting investment. According to the royal instructions, Morocco will activate the work of the Mohammed VI Investment Fund, a mechanism that aims to induce state investments.
The third objective of the draft finance law covers the acceleration of administrative reforms through the streamlining of procedures. This sector of the bill, moreover, seems to ensure advanced regionalisation in order to subdue the disparities between the different classes that exist in Moroccan society.
The fourth objective of the project seeks to re-establish a budgetary margin to ensure sustainability. Through this, the government is asked to mobilise all possible financial resources through different stages, including improved tax collection, the adoption of innovative financing mechanisms and the rationalisation of administrative operating expenses, among others.
To address these measures, the fund will be endowed with 45 billion dirhams (4.1 billion euros), including 15 billion dirhams from the state budget and 30 billion dirhams raised from institutional, national and international investors.