Board Meeting of the Moroccan Retirement Fund Directors : 18/01/2021

Board Meeting of the Moroccan Retirement Fund Directors

Mr. Mohamed Benchaaboun, Minister of the Economy, Finance and Administrative Reform, chaired, on January 18, 2021 by videoconference, the board meeting of the Moroccan Retirement Fund Directors.

In his opening address, the Minister pointed out that despite the constraints linked to the exceptional economic situation in our country, the MRF has succeeded in continuing to improve its services and ensure their continuity, while preserving the health security of its employees and users.

In this regard, the Board of Directors noted that the Fund was able to honour its obligations included in the program contract concluded with the State, in particular:

  • Strengthening the governance of the Fund,
  • The acceleration of digital transformation,
  • The increase in the return on the financial portfolio and the improvement of its management, in particular through innovative State financing (rate of return increased from 3.73% in 2016 to 5.27% in 2020).

The Board also congratulated the efforts made by the Fund in collaboration with the services of the Ministry of the Economy, Finance and the Reform of the Administration, in order to allow it to pass to the support control from the year 2022.

Regarding the financial balance of the Civilian Pensions Scheme, the council called for the acceleration of the work of the systemic reform of the pension schemes and this, pursuant to the Royal directives encouraging the establishment of a system. integrated social protection system that meets the conditions of solidarity and financial sustainability.

After discussing the items on the agenda, the Council:

  • Validated MRF's action plan for the year 2021 which includes several projects aimed at strengthening the governance system of the Fund, increasing the performance and profitability of the financial portfolio of the plans it manages, improving services and accelerating the implementation of its digital transformation strategy while strengthening its management system;
  • Adopted the Fund's budget for the year 2021, whose management costs will remain under control at less than 0.58% of the revenues of the managed plans.