Moroccan government announces new economic and climate plan
Morocco's Prime Minister Aziz Akhannouch has unveiled a new plan that aims to strengthen the country's resilience to climate change and boost social welfare based on economic stability. In this sense, this ambitious project aims to tackle the country's inflation, which currently stands at around 5.5 per cent. As Morocco World News reports, Rabat's new economic strategy aims to bring this rate down to 3.4 per cent by 2024. Inflation is also expected to reach 2 per cent by 2025.
On the other hand, the Prime Minister has pointed to the need to develop structural reforms that will boost the long-term sustainability of public finances. One of the authorities' objectives is to achieve better economic growth, a simultaneous reduction of the budget deficit and improved public debt management.
According to the Moroccan media, Akhannouch highlighted the need for "constant vigilance and follow-up measures during the preparation of the 2024 finance bill". In addition to fighting inflation, the Moroccan government's priority is to protect and boost the Kingdom's raw materials and agriculture by developing production and supply chains within the framework of the Green Generation Strategy. According to figures reported by Morocco World News, the Moroccan government has signed 19 related agreements worth more than 110 billion dirhams.
Agriculture has much to do with the second focus of Akhannouch's new economic and climate plan. Water security and the fight against drought have become key issues on the government's agenda. The Kingdom is one of the countries that suffers the most from this scourge, which is partly caused by climate change. That is why measures to combat drought, such as the acceleration of the National Drinking Water Supply and Irrigation Water Programme, have been developed and designed over the past months.
Once again, the government has highlighted this problem, calling for accelerating the linking of the Sebou and Bouregreg river basins and reinforcing projects related to water security.
In addition to drought, the current Akhannouch-led government is seeking to strengthen the nation's capacities against other consequences of climate change. To this end, the prime minister has reiterated his commitment to partner with Al-Maghrib Bank and other key financial institutions to achieve these objectives.
