Morocco’s Monarch announces US$13bn recovery plan to save economy from the damaging COVID-19 pandemic

Morocco – Morocco’s Monarch, King Mohammed VI has announced a unprecedented US$12.89 billion (MAD120 billion) recovery plan to rescue the country’s economy that has been weighed down by the COVID-19 crisis.

King Mohammed VI who made the announcement on the eve of his 21st Throne Day, acknowledged that the COVID-19 crisis has been heavily impacting Morocco’s economy despite the vigilance and efforts exerted to tackle the pandemic.

“I must say, in all frankness, that the repercussions of this health crisis will be harsh, notwithstanding our efforts to reduce its impacts,” the King said.

To combat the crisis, the King announced an economy recovery which will position Morocco among the most “enterprising countries in terms of post-crisis stimulus packages.”

In March this year, The King oversaw the creation of a Special Fund for the Management and Response to COVID-19 which later mobilized MAD 33.7 billion ($3.6 billion) to face the challenges.

The managing committee allocated the fund’s resources to cover military equipment expenses, to assist the country’s economy, to strengthen Morocco’s healthcare system, and to help social classes affected by COVID-19’s financial impact.

While addressing his subjects, the King said he is aware of the magnitude of the “adverse effects this crisis has had, not just on public health, but also at social and economic levels.”

The King further noted that the crisis affected all productive sectors with both family incomes, and state budgets being “severely impacted.”

King Mohammed VI expressed Morocco’s determination to continue ensuring mechanisms to overcome the crisis.

The monarch challenged the citizens and the government to seize the opportunity of today’s circumstances to reconsider priorities and ensure a strong, competitive economy.

“We need, first, to launch an ambitious economic stimulus plan to enable our productive sectors to recover and to increase their ability to provide jobs and preserve sources of income,” King Mohammed VI said.

All available resources should be mobilized to express further solidarity and support impacted businesses and the country’s economy, the King emphasized.

The King also expressed appreciation for the dedication of health professionals, operators ensuring the supply of national markets, as well as the national army and its staff for their commitment and service.

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