Morocco allocates $2.3 billion to subsidize basic food, energy products
Christian Fernsby ▼ | October 24, 2022
Morocco’s government is set to allocate MAD 26 billion ($2.3 billion) in 2023 to subsidize basic food and energy commodities and preserve national purchasing power.Article continues below
According to the country’s Economy and Finance Minister, Nadia Fettah Alaoui, the government is set to spend MAD 3.1 billion ($281.5 million) on subsidizing wheat.
While presenting the highlights of the 2023 state budget, the minister announced that the cost of subsidizing basic food and energy commodities would skyrocket by 72% in 2023. The estimate for next year does not factor in the direct aid transportation professionals receive.
Noting the historic rise in state subsidies for gas for domestic purposes, the minister explained that in the course of the first nine months of 2022, gas subsidies rose by 70%. The subsidies fund currently cover MAD 97 ($9) out of the total cost of a 12-kilogram gas bottle.
During the presentation, Fettah Alaoui announced that the government will move forward with the tax cuts for the middle class, explaining that the decision to reduce income taxes would cost the country MAD 4.2 billion ($381.4 million) in tax revenue. ■ What to read next
On 21 September, at the National Ploughing Championships in Ratheniska, Minister of State with responsibility for Farm Safety at the Department of Agriculture, Food and the Marine, Martin Heydon, announced the launch of 11 calving simulators and 11 injecting simulators for use in Teagasc agricultural colleges and research and innovation centres.
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