Morocco’s Head of Government to Regain Confidence in Economy

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Rabat: The Morocco’s head of government, Abdelilah Benkirane highlighted the hard work made by the administration to rebuild confidence in the economy and improve community conditions.

Morocco’s Head of Government to Regain Confidence in Economy

Morocco’s Head of Government to Regain Confidence in Economy

He submitted a mid-way evaluation of his association government’s action at a plenary session of the two parliamentary chambers, stressed the government’s concern, at the economic level, to control macroeconomic balances, start carrying out structural reforms and other essential legislative, institutional and procedures reforms to improve the business climate.

He noted, in this situation, that Morocco has been successful in changing the negative trend of public funds and external balances as the budget deficit was cut in one year from 7.3 pc in 2012 to 5.5 pc in 2013. Likewise, he went on, Morocco lessened the current account deficit of the balance of payments from 9.7% in 2012 to 7.6% in 2013.

Benkirane also added that indebtedness will revert in the upcoming year to less than 60% of the GDP, stating that improvement rate reached 4.4% in 2013 compared to 2.7% in 2012.

He also mentioned tourism which posted end 2013 an 8% grow in the total of visitors, producing MAD 58 billion which is an increase of 2% compared to 2010.

He went on that the government also commenced the 2014-2020 industrial progress plan which seeks to generate half a million of employments by 2020 and enlarge industry’s share in the GDP by 9 points, from 14-23% by 2020.

To carry out this plan, the administration will have to enlarge 1,000 hectares of state-owned land to construct industrial compounds and set up public industrial investment finance, worth MAD 20 billion, to be utilized for ventures and robust added-value areas that develop exports and make employment prospects.

Benkirane stressed that the administration has applied the national partiality principle in awarding state procurement while attempting to boost the investment climate and inspire private investments, by merging association with economic operators and laying down bases of stable dialog and discussion.

As much as small and medium-sized ventures are concerned, the head of government averred that numerous old and continuing claims were met through a train of measures, specifically lessening by the corporate tax by 10% for corporations posting less than MAD 300,000 of net financial revenue.

Mohamed Dekkak