The General Guidelines of the Finance Bill for the year 2019 presented to the Council of Ministers, chaired by HM the King in Rabat : 10/10/2018

The General Guidelines of the Finance Bill for the year 2019 presented to the Council of Ministers, chaired by HM the King in Rabat

HM King Mohammed VI, May God Assist Him, chaired, Wednesday, October 10th 2018, at the Royal Palace in Rabat, a Council of Ministers devoted to the presentation of the general guidelines of the 2019 Finance Bill and the adoption of two bills and several international agreements.

At the beginning of the Council, His Majesty the King asked Mr. Mohamed BENCHAABOUN, Minister of Economy and Finance, on the intended measures for some public establishments and companies to meet their commitments and pay their debts and accumulated arrears, especially firms in financial difficulties.

In this regard, the Minister of Economy and Finance has put forward the adoption of an action plan for the restructuring of some public institutions and enterprises, notably through the revision of the status of subsidiaries and assets that are not not directly related to the primary goal of these establishments and companies, as well as through the rationalization of their expenditure and this, within the framework of program-contracts with the State.

On the other hand, His Majesty the King asked for clarification regarding the payment of arrears of Value Added Tax refunds.

Mr. Mohamed BENCHAABOUN ensured that an operation of these debts’ immediate settlement for the benefit of private and public sector companies was launched through a partnership with the banking sector. He noted that the financial impact of this action on the State budget will be realized over the next ten years.

His Majesty the King provided his High directions to review these proposals and measures to enable the public sector to strengthen its investment opportunities, play its strategic roles and contribute to the dynamic of the national economy.

The Minister of Economy and Finance made, afterwards a presentation to HM the King on the general guidelines of the Finance Bill of the next year.

This Bill, developed on the basis of the High Royal Orientations, included in the Speeches of the Throne and the anniversary of the Revolution of the King and the People, focuses on four main priorities.

First : focus on social policies, particularly in the fields of education, health and employment, to speed up the process of social dialogue, particularly with regard to strengthening the role of the education system in training and learning and the socio-economic integration of young people, the improvement of the conditions of access of citizens to health services, the contribution to the reform of the support and social protection policies and the reduction of disparities between different classes and regions.

Second : boost private investment through the rapid adoption of the new investment charter, the implementation of the reform of the Regional Investment Centers, the improvement of the business climate and the support to enterprises particularly SMEs.

Third : pursue major institutional and structural reforms, including the completion of justice reform, the implementation of advanced regionalization, the acceleration of the implementation of administrative deconcentration and the continuation of the reform of public administration.

Fourth: preserve the major macroeconomic balances by continuing to reduce the level of the budget deficit and vigilant management of debt.

Source: MAP