The Moroccan government requested the approval of the parliament to increase its budget by an additional $1 billion or 10 billion dirhams to meet rising expenditures, Moroccan economic media reported. Water supply will take 1.3 billion dirhams as Morocco forges ahead with its 2020-2027 plan to which $14 bln have been allocated in total. The sector of tourism will have 1.2 billion dirhams from the new credit line sought by the government, while 3.3 billion dirhams will be allocated to measures aiming to mitigate inflation and strengthen the citizens’ purchasing power. The government’s 2023 budget forecasts a growth rate of 4% and a fiscal deficit of 4.5%. Most international financial institutions, including IMF, World Bank and the EBRD expect Morocco’s economic growth to stand at around 3%.

Source: The North Africa Journal May 18, 2023 19:54 UTC