While Moroccans reduce their working hours by nearly a quarter during the month of Ramadan, their consumer spending, regardless of social class, increases by 16.3% per household. This is revealed by a survey on time use in the Kingdom.
For the account of this year 2021, the total debt of the Treasury will stand at 908 billion dirhams (MMDH). This is what Attijari Global Research (AGR) announces.
The rating agency Moody’s has maintained Morocco’s credit rating at "Ba1" due to its ability to access external and domestic financing on favorable terms. While Morocco’s rating has been confirmed, its outlook has nevertheless been revised from "stable" to "negative".
The Ministry of Economy, Finance and Administrative Reform indicated that at the end of December 2020, the Amended Finance Act (LFR) revealed a budget deficit of 82.4 billion dirhams (MMDH) or 7.6% of GDP. This despite a number of uncertainties and in compliance with the State’s commitments under the strategy to support social and economic sectors and post-Covid recovery.
The year 2020 will have marked many sectors due to the coronavirus pandemic which imposed the suspension for many months of air links. This is the case of the Fès-Saïs airport where passenger traffic recorded a 71.5% drop at the end of November 2020, compared to the same period in 2019.
The treasurer of the municipality of Meknès has just been indicted for his alleged involvement in a case of embezzlement of tax revenues, forgery and use of forgeries. The individual is suspected of having embezzled more than 2 million dirhams.
Due to the spread of the pandemic and the slow recovery, Morocco’s public finances are in poor shape. At the end of October, the kingdom is facing a budget deficit of 50.5 billion DH and tax revenues are down 13.4 billion DH.
Morocco finds itself in a situation of net importer of agricultural products, while it was one of the major exporters. The Kingdom has thus opened the door to the European agri-food industry, in terms of added value and job creation.
Morocco recorded a budget deficit of 50.5 billion DH at the end of October 2020 compared to 36.5 billion DH compared to the same date in 2019, according to the statement of Treasury charges and resources (SCRT), presented by the Ministry of Economy, Finance and Administration Reform.
The long-term foreign and local currency issuer default ratings of three Moroccan banks have been downgraded by Fitch Ratings. The ratings drop to "BB" with a more or less stable outlook.
Morocco has been downgraded in terms of investment quality by the international rating agency Fitch. The Kingdom’s rating has gone from BBB- to BB+.
Moroccan industrial fruit juice producers are not at the end of their troubles. While the sector has been experiencing a decline in profits for several years, it must now face a record increase in citrus production for the 2020-2021 season.