Morocco: Budget's Deficit Reaches 6.9% in June

Morocco: Budget's Deficit Reaches 6.9% in June
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Morocco: Budget's Deficit Reaches 6.9% in June

Morocco: Budget's Deficit Reaches 6.9% in June

Morocco’s budget deficit rose to MAD21.8 billion (USD2.3 billion) in the first six months of 2019, increasing from 6.7 percent compared to last year, due to the decline of resources of the treasury 9.7 percent, the rise of costs 10.9 percent, the increase of government investments and the positive credit of MAD8 billion (USD832 million).

Treasury resources collected MAD3.35 (USD353 million) of selling stakes of Morocco telecommunication to institutional investors during this period. Despite this, fiscal resources declined 57 percent because new Gulf donations were not allocated.

Notably, the support agreement signed between Morocco and the GCC was completed last year and not renewed.

The Moroccan treasury report revealed that the shortage of the government budget funding during the first half of the year reached MAD28.1 billion (USD3 billion) and about MAD22.3 billion (USD2.35) was funded through internal borrowing and 20.6 percent through foreign funding.

In this context, the report clarified that the government has paid off during this period installments worth MAD4.2 billion (USD442 million). It has also withdrawn new funding worth MAD10 billion (USD1.05 billion) and MAD7.6 billion (USD800 million) out of them is from the World Bank.

This has resulted from foreign funding reaching MAD5.8 billion (USD610.50 million) and contributing to backing the budget's deficit.



Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.