2024 Finance Bill: Government will not adjust bill for quake

Contrary to the rumors circulating about the major repercussions that the Al Haouz earthquake could have on the Finance Bill (FL) for 2024, which the government has been preparing for several weeks, a senior source within the government presidency told Hespress that the bill “will not undergo any significant changes due to this event.”

According to information obtained by Hespress, the FL 2024 “has not yet been made public, and the team responsible for its design is continuing to work on its details, with the aim of finalizing it as early as next month”.

The government source categorically ruled out the possibility of making “major changes” to the Finance Bill, stressing that the state “will continue to maintain the integrity of all its policies, particularly those linked to the social state, with a strong commitment to the health, education and employment sectors.”

In addition, the same source affirmed that the project will support economic recovery by increasing the budget dedicated to public investment, meaning that the potential impact of the earthquake on the country will be minimized.

“Nothing will change with regard to the importance attached to the sports sector and Morocco’s bid to host the African Cup in 2025 and the World Cup in 2030,” she added.

With regard to the reconstruction of the Al Haouz region, a government source stressed that it would be necessary to mobilize around MAD 15 billion, to be financed by public and private contributions, as well as foreign aid.

Compensation for damaged homes would cost around 5 billion dirhams, a sum that has already been exceeded by donations received by Fund 126 to date, the source added, noting that the remainder of the funds collected would be devoted to regional development.

Despite these assurances, the Al Haouz earthquake is likely to continue to weigh on discussions in Parliament, where opposition and majority groups are gearing up for a tense political debate. This is all the more true as the parties represented in the House of Representatives have begun their preparations by mobilizing their members and sharpening their arguments in anticipation of the debates on the forthcoming finance bill.

Parliamentary sources had already told Hespress that both majority and opposition groups are actively preparing for the next stage, and are determined to engage in intense political debate, given the difficult economic situation facing the country, marked by rising prices for basic necessities.