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Wednesday, December 7, 2022

Compensation Fund: Expenses at MAD 11.8 Bln at End-April

The expenses of the Compensation Fund reached 11.8 billion dirhams at the end of April 2022, against MAD 6.3 billion during the same period last year, an increase of 87%, said Monday, Minister Delegate in charge of Budget, Faouzi Lekjaa.

The Compensation Fund fulfills all its functions and continues to subsidize the prices of basic consumer goods, said Lekjaa, who was responding to oral questions in the House of Representatives.

“The expenses of the Compensation Fund have recorded a significant rise to offset the increase in prices,” he explained, highlighting the funding effort beyond the Compensation Fund.

He noted in this context that the government has put in place a battery of measures to stabilize grain prices, including the suspension since November 1 of customs duties on imports of durum wheat and soft wheat, noting that the import bill of soft wheat has reached 2.52 billion dirhams at the end of April 2022 (20 million quintals)

He added that the government has taken all necessary measures to ensure market supply, especially as the import bill of cereals amounted to 774 million dirhams at the end of February, noting that the compensation charge for soft wheat and flour will reach 7.32 billion dirhams in 2022.

Regarding butane gas, the State has spent during the first four months of the current year, MAD 7.3 billion, against MAD 4.2 billion during the same period last year, said Lekjaa, noting that the average unit subsidy of butane gas per bottle of 12 kg reached 100 DH between January and May 2022, or 71% of its real price.

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