The Moroccan government decided to exceed the external debt ceiling specified in the Finance Law for 2020 of 31 billion dirhams (about 3 billion dollars), due to the Corona virus (COVID-19) and its economic implications for the Kingdom.
The government explained that this project aims to authorize the government to bypass the ceiling of external financing specified under Article 43 of the Finance Law for the year 2020, in order to be able to provide for its needs of hard currency, especially by resorting to international markets for borrowing in light of the impact of a group of sectors such as the tourism sector and foreign direct investment and the exporting sectors, in addition to remittances from Moroccans living abroad.
The government tends to direct public spending towards priorities at the health, social, and economic levels, and to set priorities at the level of commitment to future expenditures for the state and public institutions.
To reduce the repercussions of the negative effects of the global COVID-19 pandemic, Morocco has taken a number of measures, including helping small and medium-sized companies and supporting poor groups by disbursing them.
The Moroccan Finance Minister Mohamed Benchaaboun called on to "accelerate the performance of contracting dues, especially those that are micro, small and medium-sized, so that they can fulfill their financial obligations and maintain jobs, and thus reduce the social repercussions of this crisis."
Source (New Arab newspaper, Edited)
