FM delivers draft Finance act 2014
Economy and Finance Minister Mohamed Boussaid has presented the Draft Finance Act 2014 to both houses of parliament. The Finance Minister said that the Act intended to promote employment and bolster social cohesion.
The Act intends to reduce the budget deficit to 4.9% of GDP and for growth of 4.2% in 2014. This is based on an average rate of 8.5 dirham per US dollar and an average oil price of $105 a barrel.
The Finance Minister also announced that with resources to 335.17 billion dirhams and accrued 367.2 billion dirhams he intends to create 17,975 government jobs and spend 103 billion dirhams in payroll and 35 billion dirhams to the compensation fund.
You can find the full 170 page document in French here.
Highlights of the budget included public sector investment of 186.64 billion dirhams for
A motorway framework of 1800 km by 2015
Completion of the first phase of Tanger Med II project
Continuation of the project of conversion of the Port of Tangier city
Complete the construction of the Moulay Bouchta dam
Development of airports in Nador, Guelmim, Errachidia and Tan Tan
Continuation of the construction of the Casablanca-Tangier TGV, increase the capacity of the line from Casablanca to Kenitra, the partial doubling of the track between Settat and Marrakesh and upgrade of the Oriental line.