Moroccan Government Sets Directions for 2024 Budget with Renewable Energy and Major Water Projects
(AWP) - The Moroccan government has set its directions for next year’s budget, with renewable energy and major water projects at the forefront, in addition to granting direct financial aid to needy groups.
In a policy directive addressing his ministers, the Moroccan Prime Minister, Aziz Akhannouch, called for austerity in preparation for the 2024 draft budget, saying, "We must minimise transportation expenses, movement inside and outside the Kingdom, reception and hospitality expenses, parties, conferences and seminars, as well as study expenditure, to the greatest extent possible."
On July 14th, Morocco lowered its forecast for GDP growth to 3.4% in 2023, down from a previous forecast of 4% for the current year’s budget.
Morocco is still working hard to recover from the economic repercussions of the COVID-19 pandemic that swept the world in late 2019.
During this year, Morocco increased investment expenditures to about 30 billion US dollars. Experts say that the austerity measures will not affect investment expenditures, but only consumption expenditures.