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Wednesday, December 7, 2022

Price Subsidies: Gov’t to Mobilize Necessary Funds Without Resorting to Amending Finance Act

Head of Government, Aziz Akhannouch, said on Monday in Rabat that the Executive will mobilize all the necessary financial means to support the cost of the additional subsidies on the prices of some foodstuffs and keep up with the rise in their prices at the international level while preserving the balance of public finances without resorting to an amending Finance Act.

The government is fully committed to preserving the balances of the Finance Act through strengthening gradual recovery, mobilizing necessary tax and customs resources, developing innovative financing, actively managing the portfolio of the State and pursuing measures to streamline the management of the administration, said Akhannouch in response to a question on “the situation of the national economy in the light of climate and geostrategic change” at the House of Representatives.

Through surveillance and monitoring of the public finance situation at the end of 2021, the government has managed to reduce the budget deficit by 1.6 point, from 7.6% of the gross domestic product (GDP) in 2020 to 6% in 2021, he said. The debt has thus decreased by 1.5 point to 74.9% of the GDP.

According to Akhannouch, this dynamic is continuing early this year, with a MAD 15 Bln increase in tax revenues, i.e. + 26% compared to the same period in 2021.

The Treasury continues to settle external debts and has not used so far additional credits or a line of credit, he added.

Preserving a normal situation in a context marked by successive unprecedented crises is “largely costly for the State,” Akhannouch said, speaking of great achievement.

The Kingdom has accumulated significant experience in resisting successive crises and has even managed to turn them into opportunities for growth and development, the official said.

The government, he added, will mobilize all possible resources to make the necessary public decisions, so that all measures taken are consistent with the nature of multiple shocks that could affect the supply and demand on the domestic and international markets.

Akhannouch also recalled that despite the efforts made to cope with this situation, the Executive has continued to work on a set of commitments it has made under its government program.

In this regard, he mentioned the launch of a set of promising social and development programs such as “Awrach” and “Forsa”, the support to the tourism and agricultural sectors in addition to implementing the social register project.

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