Morocco's House of Representatives, the first chamber of parliament, voted overwhelmingly on the country's draft budget for next year of 721 billion dirhams ($72.1 billion).
After the approval of the Chamber of Deputies, the draft budget will be referred to the House of Councilors (the second chamber of Parliament), for approval and published in the Official Gazette to enter into force.
Morocco's draft budget predicted that the country's economy would grow by 4.6 percent, with inflation of about 2 percent for a hundred in 2025. The project set the budget deficit at 3.5 percent. The 2024 budget was 638 billion dirhams ($63.8 billion), 13 percent less than the 2025 budget.
The central bank expected the inflation rate to continue to slow in 2024 to reach 1.3 percent, before accelerating to 2.5 percent in 2025, compared to 1.7 percent last August, according to the statement. In 2023, the inflation rate rose to 6.1 percent, as the Kingdom was affected by the rise in the prices of basic materials, especially energy, and the continued drought for the sixth consecutive year.
