King Mohammed VI announces DH 120 billion to support the economy

In his Throne Day speech, King Mohammed VI announced an envelope of 120 billion dirhams to support the national economy. The sovereign also called for the efforts of the government and various stakeholders to focus their efforts on redefining the economy so that it is stronger and more competitive.

The sovereign, who made the social aspect the cornerstone of his speech on the occasion of the Feast of the Throne, also focused on the economy which had to face, and will continue to face the consequences of the epidemic of the coronavirus.

In this sense, King Mohammed VI announced that nearly 120 billion dirhams will be injected into the national economy, or the equivalent of 11% of GDP, a rate which places Morocco “among the most daring countries in terms of post-crisis economic recovery policy, ”he pointed out.

Addressing stakeholders, King Mohammed VI called for redefining priorities for Morocco, particularly those dictated and imposed by the health crisis facing the country. “We urge the government and the various actors to focus their attention and action on the challenges and priorities dictated by this new situation,” the King declared in his speech to the Nation.

The King particularly insisted on the need to support small medium-sized enterprises which represent the beating heart of the Moroccan economy. “We must mobilize all the means available in terms of financing, incentive mechanisms and solidarity measures, in order to support businesses, mainly small and medium-sized ones which constitute the central link of the national economic fabric”, he said.

And to insist that “it is up to us to seize the opportunity to redefine the order of priorities, to lay the foundations of a strong and competitive economy and to build a more inclusive social model”. It is in this sense that the sovereign considered that it was necessary to set up an “ambitious” economic recovery plan which will allow the production sectors “to get back on their feet, to increase their capacity to create jobs and preserve sources of income ”.

In addition, a Strategic Investment Fund should be created, said the Sovereign, explaining that this Fund should be used to “fulfill a mission of supporting production activities, support and financing of major public investment projects. -privé ”in several areas and will have to rely on the“ coordination and rationalization of the various financing funds ”to establish a“ constructive contractual framework that will meet the challenges of the moment and the expectations of Moroccans ”.

In the end, King Mohammed VI looked into the issue of the public sector which, according to him, should be reformed in a “deep” way in order to “correct the structural dysfunctions of public establishments and enterprises” and that they be complementary, coherent. in their respective missions and enhance their economic and social efficiency.

The King therefore called for the creation of a National Agency whose mission will be to ensure the strategic management of State holdings and to monitor the performance of public establishments.