Morocco: USD 12.8 billion recovery plan to rescue economy

On the eve of his 21st Throne Day, King Mohammed VI announced the recovery plan to rescue Morocco’s economy, weighed down by the COVID-19 crisis.

The monarch acknowledged that the COVID-19 crisis has been heavily impacting Morocco’s economy despite the vigilance and efforts exerted to tackle the pandemic.

To face the crisis, the King announced that the country will inject MAD 120 billion ($12.8 billion) into the national economy. The budget seeks to position Morocco among the most “enterprising countries in terms of post-crisis stimulus packages.”

Before announcing the recovery budget, the King acknowledged in a frank language how the repercussions of the health crisis ravaged the country’s economy.

“… I must say, in all frankness, that the repercussions of this health crisis will be harsh, notwithstanding our efforts to reduce its impacts,” the King said.

The statement came after the King recalled Morocco’s initiative to create the Special Fund for the Management and Response to COVID-19.

The fund, whose creation King Mohammed VI ordered on March 15, mobilized MAD 33.7 billion ($3.6 billion) to face the challenges.

The managing committee allocated the fund’s resources to cover military equipment expenses, to assist the country’s economy, to strengthen Morocco’s healthcare system, and to help social classes affected by COVID-19’s financial impact.

Addressing a population of 37 million citizens, the King said he is aware of the magnitude of the “adverse effects this crisis has had, not just on public health, but also at social and economic levels.”

The King said that the crisis affected all productive sectors. Family incomes, as well as the state budget, have also been “severely impacted.”

King Mohammed VI expressed Morocco’s determination to continue ensuring mechanisms to overcome the crisis.

The monarch asked citizens and the government to seize the opportunity of today’s circumstances to reconsider priorities and ensure a strong, competitive economy.

“We need, first, to launch an ambitious economic stimulus plan to enable our productive sectors to recover and to increase their ability to provide jobs and preserve sources of income.”

All available resources should be mobilized to express further solidarity and support impacted businesses and the country’s economy, the King emphasized.

Before going through details of the pandemic-induced crisis, the monarch issued a lengthy statement of thanks to Moroccan citizens, security units, and health professionals for their patriotism, solidarity, and contribution to the national campaign to fight the pandemic.

Expressing compassion, the King said it is “quite natural in such circumstances to experience fear and anxiety.”

The monarch also said he shares the same love and respect Moroccans hold for him, saying that citizens’ safety and health is a priority.

“I want you to know that I care as much about the Moroccan citizens’ health and the safety of their family members as I do about my own children and my smaller family – even more so in the difficult times Morocco and the world are going through today as a result of the COVID-19 pandemic.”

The sovereign also reminisced on some positive elements of Morocco’s battle against the pandemic, including the solidarity Moroccans showed in support of security services and health professionals.

He recalled moments when Moroccans sang the national anthem through their windows during lockdown, and the exchange of cordial greetings between citizens and police forces.

The King also expressed appreciation for the dedication of health professionals, operators ensuring the supply of national markets, as well as the national army and its staff for their commitment and service.