Nadia Fattah Al Alawi, Minister of Economy and Finance, announced that the Finance Act 2022, which was approved by the government yesterday, Monday, devotes about MAD 245 billion for public investments, an unprecedented number in the Moroccan history, according to the minister.
Al Alaoui said, in a press conference after the meeting of the government council, the financial bill “comes in a very important international context, and after a year and a half of the Covid-19 crisis that struck the entire world.”
The Economy and Finance minister pointed out that “the royal proactive vision for managing the crisis made the national economy recover its activity, and growth is expected to reach 5.7 percent by the end of the current year.”
The 2022 Finance Bill, the first finance bill in the era of Akhannouch’s leadership, is based on royal instructions and speeches, the outputs of the new development model and the government program presented to Parliament, according to Al Alawi’s statements.
The financial bill is based on four main axes, the first of which is the consolidation of the foundations of economic activity.
Akhannouch’s cabinet aims through this axe to stay true to its main promise, stimulating employment especially for the benefit of young people, by supporting the creation of more than 250,000 job opportunities in the next two years.
The new cabinet has allocated MAD 2.25 billion, in the next year, in order to reach this goal.
Al-Alawi said that the government decided to launch a new program called “Forsa,” to provide financial incentives to about 50,000 young people to encourage them and create jobs.
The new Finance Law is also based on the continuation of social protection workshops, by allocating MAD 9 billion for the benefit of the health and education sectors, within the axis of human capital rehabilitation.
The new appointed government, headed by the RNI leader Aziz Akhannouch, aims to reach a national economic growth of about 3.2 percent in the next year, a grain yield of about 80 million quintals, as well as the stability of the butane gas’ price at about $450.
For his part, Fawzi Lekjaa, Delegate Minister in charge of the Budget, said that the 2022 Finance Bill was prepared on the basis of realistic and ambitious assumptions.
During the press conference, Lekjaa indicated that for the first time, Morocco will raise the ceiling of public investment to about MAD 245 billion through a set of tax and customs measures that will allow economic operators to develop their activities and work in a comfortable environment.
The Delegate Minister in charge of the Budget clarified that this public investment will not be made at the expense of raising tax pressure, as the government has committed to making it at levels that ensure the fair competitiveness of Moroccan companies.
He added that Akhannouch’s government counts, in this regard, it is counting on applying the law framework related to tax reform to ensure funding a number of projects, most notably the generalization of social protection.
Lekjaa said, during the press conference, the government of Aziz Akhannouch decided to keep the solidarity contribution, which the previous government had approved for self-employed persons, only on companies that achieve large profits, within the framework of solidarity.
The government expects the fiscal deficit to decrease from the expected percentage of 6.2 in 2021 to 5.9 percent in 2022.
“The concerted efforts of everyone, government, actors and civil society, will ensure Morocco’s success in meeting the challenges associated with the proper implementation of the great national social plan, and achieving the necessary economic take-off so that our country can enter the club of emerging countries,” Lekjaa stressed, during the press conference.
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