According to a press release from the Ministry Delegate for Relations with Parliament, government spokesperson, the Government Council adopted PLF No. 55.23 for the 2024 financial year, presented by the Minister of Economy and Finance, Nadia Fettah.
The PLF 2024, adds the same source, is part of the High Royal Guidelines contained in the Speeches delivered by His Majesty the King, may God preserve Him, on July 30, 2022 on the occasion of the Throne Day, on August 20, 2022 on the occasion of the anniversary of the Revolution of the King and the People and on October 14, 2022 on the occasion of the opening of the 1st session of the 2nd legislative year of the 11th Legislature.
This bill aims to reflect the Executive’s constant desire to continue efforts aimed at implementing the government program (2021-2026), in accordance with the High Royal Guidelines and the recommendations of the report on the New Development Model.
At the international level, the 2024 Finance Bill comes in a global context marked by uncertainty in forecasts, given that the gradual recovery of the global economy following the consequences of the health crisis has been impacted by the crisis in Ukraine, which has led to a sharp rise in the prices of food and energy products, in addition to increasing inflation rates and disruptions in supply chains.
In this context, the government will give priority to four main areas through this Bill:
-The implementation of the “Program for the reconstruction and general upgrading of the regions affected by the Al Haouz earthquake”, as well as the strengthening of measures to combat cyclical impacts: an integrated and ambitious program was thus put in place, with a total budget of 120 billion dirhams and based on two essential pillars.
First: the reconstruction of housing and the upgrading of infrastructure affected by the earthquake, by allocating an envelope of 22 billion dirhams, including 8 billion dirhams allocated to the presentation of emergency aid to families and financial aid dedicated to the reconstruction and rehabilitation of totally or partially collapsed housing, and 14 billion dirhams for the opening up of the affected regions.
Second: the establishment of a plan for the development of the High Atlas provinces with a total cost of 98 billion dirhams, with the aim of strengthening infrastructure and promoting agricultural and tourist activities in the provinces concerned.
-The continuation of the consolidation of the foundations of the social State: in this regard, the possibility was given to nearly 4 million poor families to access care in public and private hospitals, with the State taking charge of their contributions to the National Social Security Fund, thanks to the mobilization of an annual budget envelope estimated at 9.5 billion dirhams.
In addition, the government will proceed, before the end of 2023, to the launch of the family allowance program, according to a new vision based on the improvement of the targeting of social categories which deserve this support.
-The continuation of the implementation of structural reforms: through the revitalization of the national economy and the anchoring of Morocco in promising sectors, as well as the continuation of the implementation of major projects and a new generation of sectoral strategic plans. In this regard, it is appropriate to recall the High Instructions of His Majesty the King with a view to mobilizing 550 billion dirhams of investments intended to create 500,000 jobs over the period 2022-2026.
– Strengthening the sustainability of public finances: in this context, the government undertakes to take all necessary measures to preserve the balance of public finances and their sustainability, by adopting a series of necessary reforms likely to generate financial margins to meet these challenges and finance the various reform and development projects. This includes the continuation of the effective implementation of the framework law on tax reform and the reform of the organic law on the Finance Act.
Furthermore, the Government Council adopted the decrees linked to the Finance Bill, relating to the delegation of power concerning financing and borrowing.
According to the press release, this concerns draft decree no. 2.23.900 delegating powers to the Minister of Economy and Finance in matters of domestic borrowing and recourse to any other financial instrument.
The draft decree No. 2.23.901 delegating powers to the Minister of Economy and Finance in matters of external financing and the draft decree No. 2.23.902 aiming to delegate to the Minister of Economy and Finance the power to conclude loan contracts for the repayment of onerous external debt and agreements to cover interest rate risks and currency swaps are also discussed.
2024-08-23 16:54:26