Efforts are Currently Focused on Economic Recovery, Head of Govt.
Rabat - Head of government Saad Dine El Otmani said, on Tuesday in Rabat, that efforts are currently focused on implementing a proactive approach and scenarios to revive the national economy through the gradual reopening of the various business sectors. Responding to a question on "the reality and prospects of combating the repercussions of the coronavirus" during the monthly general policy session in the House of Advisors, El Otmani said that the government is doing everything in its power to support and assist businesses in a difficult situation due to the repercussions of the pandemic.
The government counts on the companies that resisted this circumstance in order to contribute to the collective national effort by ensuring the continuity of their production activities and maintaining jobs, he said. The top official said that global forecasts foreshadow an international economic recession from which the Kingdom's economy cannot be shielded, in particular because of the fall in external demand and the drop in tourism receipts and foreign direct investment, in addition to the drop in domestic demand and consumption. El Otmani also stressed that the government has taken urgent measures, either to mitigate the effects of the pandemic on public finances and the major balances, or to support businesses by prioritizing vital sectors to ensure the continuity of their employment and production capacity. Among the financial measures decided by the government, El Othmani cited the use of external financing as a proactive measure by the release of 3 billion dollars repayable over five years, with a grace period of three years. This amount will not be used to finance the Treasury but will be made available to Bank Al Maghrib (BAM) and will mainly be used to finance balance of payment deficits, said El Othmani, recalling other measures taken by BAM whether in terms of monetary policy or in terms of precaution to facilitate access by families and businesses to bank loans.
The government counts on the companies that resisted this circumstance in order to contribute to the collective national effort by ensuring the continuity of their production activities and maintaining jobs, he said. The top official said that global forecasts foreshadow an international economic recession from which the Kingdom's economy cannot be shielded, in particular because of the fall in external demand and the drop in tourism receipts and foreign direct investment, in addition to the drop in domestic demand and consumption. El Otmani also stressed that the government has taken urgent measures, either to mitigate the effects of the pandemic on public finances and the major balances, or to support businesses by prioritizing vital sectors to ensure the continuity of their employment and production capacity. Among the financial measures decided by the government, El Othmani cited the use of external financing as a proactive measure by the release of 3 billion dollars repayable over five years, with a grace period of three years. This amount will not be used to finance the Treasury but will be made available to Bank Al Maghrib (BAM) and will mainly be used to finance balance of payment deficits, said El Othmani, recalling other measures taken by BAM whether in terms of monetary policy or in terms of precaution to facilitate access by families and businesses to bank loans.
Source : https://www.marocafrik.com/english/Efforts-are-Cur...