The Moroccan Ministerial Council, headed by King Mohammed VI, approved the Finance Bill for the year 2023 at a time when the Moroccan economy is facing the repercussions of the ongoing Russian-Ukrainian war, and the challenges of priority social projects that require the mobilization of financial resources to activate them.
The Minister of Economy and Finance, Nadia Fattah Al-Alawi, explained, during a presentation presented before the Ministerial Council, that "the new budget draft is based on assumptions that specify the growth rate at 4 percent, the inflation rate within 2 percent, and the budget deficit in the limits of 4.5 percent of the gross domestic product."
The Moroccan government also launched a sovereign fund of 4.1 billion euros to give a new dynamism to public investment in the face of the economic crisis in the country, the fund aims to give a new dynamism to public investment by directing infrastructure projects and ambitious sectoral strategies, in order to enhance the competitiveness of the national product, and to strengthen national sovereignty, at the food, health and energy levels. This fund will be supplemented with 45 billion dirhams (4.1 billion euros), one-third of which will come from the state budget and the remaining two-thirds from national and international investment entities.
During the cabinet session, King Mohammed VI appointed the Kingdom's ambassador to France, Mohamed Benchaaboun, as general manager of the Mohammed VI Investment Fund.
Source (Emirati Gulf Newspaper, Edited)
