The Economic Monitoring Committee holds it 9th meeting : 06/08/2020

The Economic Monitoring Committee holds it 9th meeting

The Economic Monitoring Committee (CVE) held on Thursday, August 6, 2020, at 12:00, its ninth working meeting. This meeting is part of the continued activities aiming at taking cross-cutting and immediate measures to support companies in difficulty and to anticipate the direct and indirect social and economic repercussions of the current health crisis on the national economy.

This working meeting aimed to mobilize all the concerned stakeholders to implement with due diligence the High Royal Instructions given on the 21st Throne Day. In his speech, HM The King called upon the Government and all stakeholders to launch an ambitious post-crisis economic stimulus plan to enable our productive sectors to recover and to increase their ability to provide jobs and preserve sources of income.

After having reviewed the measures taken in phase one of the crisis management in order to support businesses and households that have lost their income and to mitigate the impact of sanitary confinement, the CVE examined the evolution of the national economic and financial situation over the past months, based on a series of economic indicators. The patterns observed show signs of gradual recovery in several lines of business, with, however, persistent recessive tensions in certain highly sensitive sectors, including tourism.

The end of this meeting was marked by signing of the “Pact for Economic Recovery and Employment” to reflect the measures taken. The pact represents the formal commitment shared by the State, represented by the Ministry of Economy, Finance and Administration Reform, and the private sector, represented by the General Confederation of Moroccan Enterprises (CGEM) and Morocco’s Banks Group (GPBM), around the following objectives:

  • Recovery of the economic activity ;

  • Secure and promote employment and protect the health of workers ;

  • Speed-up the process of formalization of economy ;

  • Promote good governance.

Simultaneously with the measures outlined in this pact, common to all sectors, other measures specific to sectors heavily impacted by the pandemic will be set through agreements to be concluded by the State with representatives of the sectors concerned.

The program Contract on the revival of the tourism sector in the post-Covi19 phase, for the period 2020-2022, was also signed during the meeting. The Contract was concluded between the Government, represented by the Ministry of Economy, Finances and Administration Reform, the Ministry of Tourism, Handicrafts, Air Transport and Social Economy and the Ministry of Labor and Professional Integration, and the private sector, represented by the GPBM and the president of the National Tourism Confederation (CNT). This program Contract, which contains a package of measures to support this key sector of the national economy, aims to give a strong impetus to the sector and breathe new life into its recovery, transformation and diversity of its value-chain, by setting three major objectives:

  • Maintain the economic fabric and employment ;

  • Expedite the recovery phase;

  • Set the foundation for the sustainable transformation of the sector.

Finally, it should be noted that dedicated governance bodies will ensure the management of the Pact for Economic Recovery and Employment and of the Contract program on the revival of the tourism sector post-Covi19, by using adequate mechanisms to monitor their Implementation.