Morocco Seeks to Lower 2020 Fiscal Deficit to 3.5%

Moroccan Minister of Finance Mohamed Benchaaboun speaks during a news conference in Rabat, Morocco October 22, 2019. REUTERS/Youssef Boudlal
Moroccan Minister of Finance Mohamed Benchaaboun speaks during a news conference in Rabat, Morocco October 22, 2019. REUTERS/Youssef Boudlal
TT

Morocco Seeks to Lower 2020 Fiscal Deficit to 3.5%

Moroccan Minister of Finance Mohamed Benchaaboun speaks during a news conference in Rabat, Morocco October 22, 2019. REUTERS/Youssef Boudlal
Moroccan Minister of Finance Mohamed Benchaaboun speaks during a news conference in Rabat, Morocco October 22, 2019. REUTERS/Youssef Boudlal

Morocco is targeting to lower its fiscal deficit of 3.5 percent of gross domestic product (GDP) in 2020 through a bunch of financial and taxation procedures.

Moroccan Minister of Finance Mohamed Benchaaboun said that these measures – included in budget 2020 – will control government spending. He added that his government will count on privatization that will generate MAD3 billion (USD300 million) besides taxation procedures.

Benchaaboun presented on Monday the Appropriation Bill 2020 during a plenary session of the parliament, pointing out that the budget anticipates spending more than MAD488.6 billion (USD51.4 billion) with an increase of 10.2 percent.

It would bring additional incomes worth MAD446.7 billion (USD47 billion), which is a 7 percent increase.

The new budget includes new measures that push investment especially reducing the marginal price of the tax on companies from 31 percent to 28 percent and declining the current price of the minimum rate of the tax from 0.75 percent to 0.50 percent.

This coincides with continuous reform of the investment climate and working on extracting the new charter of investment as well as reforming regional centers for investment.

The minister added that the government allocates great importance to SMEs and emerging projects.

Regarding taxation, the suggested budget encompasses transitional procedures for the sake of enabling firms and individuals to settle their taxation status. Benchaaboun said that the budget is a platform to establish a new stage based on fostering trust and promoting initiatives.



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
TT

FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.