North Africa

Morocco is announcing $12.8 billion to help recover from the effects of Coronavirus

King Mohammed VI said that Morocco would inject 120 billion dirhams ($12.8 billion) as a post-coronavirus crisis stimulus package to provide incentives and establish cooperation initiatives to help companies, in particular small and medium-sized enterprises.

The plan comprises 11 percent of Morocco ‘s GDP, “a proportion that will put Morocco at the forefront of post-crisis stimulus packages in the most enterprising countries,” the King said Wednesday in a nation state address.

The King said that I am aware of the extent of the negative effects this crisis has had, not just on public health but also on social and economic levels.

The Monarch had directed a special fund to handle the coronavirus health crisis that collected 33.7 billion dirhams, of which 24.65 billion dirhams were spent on social welfare programs and on the required medical supplies.

“I therefore called for the development of a special fund to address the health crisis as well as the epidemic’s economic and social implications. I am delighted to see that this project was spontaneously adopted and is still being actively sponsored, “the King said.

The King has added that the Central Guarantee Fund would be allocated 5 billion dirhams to support the economy.

Likewise, the King asked the government to help the pandemic-affected industries, protect employment, and maintain the purchasing power of families who have lost their livelihood source.

“Nonetheless, in all honesty I must admit that the consequences of this health crisis will be serious, given our efforts to reduce its impacts,” he said.