The Moroccan House of Representatives has approved the 2022’s budget, which aims to revive the economy affected by the Corona epidemic.
The Minister of Economy and Finance, Nadia Fettah Alaoui, confirmed that "the budget draft is based on 3 priorities: employment, health and education," pointing out that "there is a program to provide job opportunities for about 250 thousand young people who lost their jobs due to the crisis, as well as support for 50 thousand young people to create businesses.”
Morocco is betting on government investments for which next year's budget has been allocated 245 billion dirhams (about 27 billion dollars) to move the wheel of the economy. The Moroccan government hopes for the economy to recover, expecting a growth rate of 5.2 percent this year and 3.2 percent next year, after it suffered last year from an unprecedented contraction of 7 percent in 24 years, due to the repercussions of the epidemic.
The 2022 Finance Law aims to reduce the public budget deficit from 6.2 percent of the gross domestic product this year to 5.9 percent next year. This is the first budget prepared by the government of Aziz Akhannouch, appointed by King Mohammed VI last October after general elections. It is also expected to start activating a "new development model" announced by a royal committee in May, on which the Kingdom is betting to raise the level of growth by 2035 and reduce sharp social and spatial disparities.
Source (Asharq Al-Awsat Newspaper, Edited)
