Ahmed Yiab, owner of four establishments in Paris, fears bankruptcy. He has the same premonition regarding his establishment, the hotel-restaurant Le Mazagan, located in Morocco and managed by his cousin.
They are 131,955 Moroccan companies, out of a total of 216,000, that are closing their doors due to the adverse effects of the coronavirus pandemic. The information comes from a press release from the Ministry of Employment and Vocational Integration .
Passenger traffic between southern Spain and Morocco is prohibited and freight traffic is proving unprofitable. This is causing heavy losses for shipping companies in the Strait of Gibraltar for the past month.
Royal Air Maroc is suffering greatly from the immobilization of its aircraft, since the Moroccan government decided to suspend all air links with the international community.
A survey conducted by the Moroccan Confederation of VSEs-SMEs revealed that the two sectors most affected by the pandemic are business services and trade. They top the ranking with 21.9% and 20.6% respectively of a representative sample of 1,080 companies.
The number of bankrupt companies in Morocco remains worrying, despite a slight slowdown. In total, 9,000 companies are expected to close down.
The Coronavirus epidemic is also leaving economic consequences in its wake, slowing down the imports of Chinese products. Merchants in the wholesale markets of Derb Omar, Garage Allal and Souk Korea are bearing the brunt of this situation, which has resulted in huge losses and an increase in product prices.
Business failures increased in 2019, with 8,439 bankruptcies, an increase of 5%. Euler Hermès is pessimistic for 2020.
The 2nd national television channel has accumulated a financial deficit estimated at 750 million dirhams. Deprived of the right to broadcast on the Nilesat satellite, the channel is paying a heavy price for the sometimes haphazard management within the Ministry of Communication .
After the bankruptcy of the tour operator, Thomas Cook, the Moroccan National Tourist Office (ONMT) is pulling out all the stops to guarantee the end of stay for the 268 tourists in Agadir.
More than 200 million dirhams in unpaid bills remain following the bankruptcy of the British tour operator Thomas Cook, according to a statement from the National Confederation of Tourism (CNT).
Upon the announcement of the bankruptcy of Thomas Cook, Morocco, through its Ministry of Tourism, immediately set up a crisis cell to monitor and supervise the repatriation of thousands of the tour operator’s clients. In total, 600,000 clients must be repatriated worldwide, including 150,000 British tourists.