Morocco Projects 9% Fiscal Spending Rise Next Year

Morocco's draft 2022 budget projects a 9% rise in total spending to 519 billion dirhams ($57 billion) according to Finance Ministry documents officially made public on Tuesday after headline deficit and growth forecasts were announced last week, Reuters reported. The budget plan aims to spur economic recovery amid the pandemic and boost spending on public investment, education, health and social welfare, Finance Minister Nadia Fettah Alaoui told reporters. If approved, the draft budget would require financing of 105 billion dirhams and it includes a request to parliament to increase the government's foreign debt ceiling to 40 billion dirhams. Fettah Alaoui said the government would examine the possibility of issuing bonds based on market conditions. The government said last week the budget projects next year's deficit to narrow to 5.9% from the 6.2% expected this year as the economy continues its recovery from the pandemic. Read more.