Second meeting of the Government Council on Thursday, October 19, 2023

The Government Council held a meeting on Thursday, 03 Rabia Al-Akhir 1445, corresponding to October 19, 2023, under the chairmanship of the Head of Government, Aziz Akhannouch, dedicated to the discussion and approval of the Finance Bill for the financial year 2024, along with the accompanying texts.
Following the adoption, on Thursday, October 19, 2023, by the Council of Ministers, presided over by His Majesty King Mohammed VI, may God assist Him, of the general guidelines of the aforementioned Project, the Government Council adopted Finance Bill No. 55.23 for the financial year 2024, as presented by the Minister of Economy and Finance, Nadia Fettah.
The Finance Bill 2024 is part of the High Royal Guidelines contained in the Speeches delivered by His Majesty the King, on July 30, 2022 on the occasion of the Throne Day, August 20, 2022 on the occasion of the anniversary of the Revolution of the King and the people and October 14, 2022 on the occasion of the opening of the 1st session of the 2nd legislative year of the 11th Legislature.
The bill aims to reflect the constant willingness of the government to continue the efforts aimed at implementing the government program (2021-2026), in accordance with the High Royal guidelines and the recommendations of the report on the New Development Model.
Internationally, the 2024 Finance Bill comes in a global context marked by uncertainty, given that the gradual recovery of the world economy following the consequences of the health crisis was impacted by the crisis in Ukraine that generated a sharp rise in food and energy prices, in addition to increasing inflation rates and disruptions of supply chains.
In this context, the government will prioritize the main axes through this Bill:

• Implementation of the "Program for the Reconstruction and General Upgrading of  the Regions Affected by the Al Haouz Earthquake," along with strengthening measures to address conjunctural impacts. An integrated and ambitious program has been established with a total budget of 120 billion dirhams. It is based on two essential pillars. First, the reconstruction of homes and the upgrade of infrastructure affected by the earthquake, with an allocation of 22 billion dirhams. This includes 8 billion dirhams for emergency aid to families and financial assistance for the reconstruction and rehabilitation of partially or completely collapsed houses, as well as 14 billion dirhams for the development of the affected regions. Second, the implementation of a plan for the development of the High Atlas provinces, with a total cost of 98 billion dirhams, aimed at improving infrastructure and promoting agricultural and tourism activities in the concerned provinces;
• Continuing to consolidate of the foundations of the Social State: Approximately 4 million economically disadvantaged families will be given the opportunity to access healthcare services in both public and private hospitals, with the state covering their contributions to the National Social Security Fund. This will be achieved through an annual budget allocation estimated at 9.5 billion dirhams. Furthermore, the government will launch a family allowance program by the end of 2023, guided by a new vision that improves the targeting of deserving social groups;
• Continuing the implementation of structural reforms: through invigorating the national economy and anchoring Morocco in promising sectors, as well as the continuation of major projects and a new generation of sector-specific strategic plans. It’ is worth recalling His Majesty the King’s High Instructions to mobilize 550 billion dirhams in investments for creating 500,000 jobs from 2022 to 2026.
• Strengthening the sustainability of public finances: In this regard, the government commits to taking all necessary measures to preserve the balance and sustainability of public finances. This will involve adopting essential reforms that can generate financial resources to address these challenges and fund various reform and development projects. This includes the effective implementation of the framework law on tax reform and the reform of the organic law on the Budget.

Furthermore, the Government Council adopted the decrees linked to the Finance Bill, relating to the delegation of power concerning financing and borrowing:

• Draft decree no. 2.23.900 delegating power to the Minister of Economy and Finance in matters of domestic borrowing and the use of any other financial instrument;
• Draft decree n°2.23.901 delegating power to the Minister of the Economy and Finance in matters of external financing;
• Draft decree n°2.23.902 aiming to delegate to the Minister of Finance Economy and Finance the power to conclude loan contracts for the repayment of onerous external debt and agreements to cover interest rate risks and currency exchange.