The African Development Bank has announced a significant financial commitment to Morocco by approving a loan package worth $487 million. This funding aims to bolster the North African nation's economic reforms and enhance its capacity to address the pressing challenges posed by climate change. The bank's official statement highlights that this financial support is also intended to strengthen Morocco's resilience against external economic shocks and energy-related crises, while simultaneously encouraging private sector investment.
During a recent address, Moroccan Prime Minister Fatima Zahra Mansouri disclosed that the new government has set an ambitious target for economic growth, aiming for an average increase of 5% annually between 2027 and 2031. This figure represents an increase from the projected 4.7% growth for the current year. Moreover, the government plans to maintain the budget deficit below 3% of the gross domestic product (GDP).
Fatima Zahra presented her government's five-year program to the Moroccan Parliament just days after her cabinet members were sworn in before King Mohammed VI. The proposed agenda includes initiatives to stabilize food prices at "reasonable levels" by implementing strategies to ensure the availability of essential products. Additionally, the government is focused on reforming the meat and fish sectors and balancing the export-import relationship to guarantee sufficient local market supply.
Furthermore, the Prime Minister emphasized the government's commitment to keeping inflation at a manageable rate of 2% to protect purchasing power and ensure economic stability. The government's proactive approach to economic management is crucial for navigating the complexities of both local and global economic landscapes.
As reported by alarabiya.net.
