2023 Aug 4 – Revised on
[التاريخ]
Electronic flag – Rabat
The guidance note related to the draft finance law for the fiscal year 2024, which the Prime Minister directed to the rest of the ministerial departments, stated that this project seeks to enhance the sustainability of public finances, through a series of reforms.
The memorandum highlighted that, “in view of the challenges facing public finances, and given the great efforts it costs to confront the current circumstantial effects on the one hand, and lay the foundations of the social state in parallel with continuing structural reforms on the other hand, the government is committed to taking all necessary measures to maintain public financial balances.” and its sustainability.”
And the same source stated that this will be done “through the adoption of a set of necessary reforms that would achieve financial margins to meet these challenges, and to finance the various reform and development projects that our country has engaged in under the supreme leadership of His Majesty, may God grant him victory.”
From this point of view, the memorandum added that the reform of the regulatory law of the Finance Law comes at the top of these urgent reforms to enhance the balance and sustainability of public finances, especially through the adoption of a new budget base that aims to control indebtedness at acceptable levels, noting that this will be done, especially through multi-budget programming. years, in addition to expanding the scope of the regulatory law of the Finance Law to include public institutions benefiting from allocated resources or subsidies from the state.
During the year 2024, the government will continue the actual implementation of the framework law related to tax reform, by adopting concrete measures in order to achieve tax justice, and to establish a stable, simplified and transparent tax system that provides insight to investors and all actors.
The memorandum indicated that in this context, priority will be given during the year 2024 to reforming the value-added tax and integrating the informal sector.
In parallel, the government will work to develop innovative financing, and continue its efforts to rationalize the management of the public portfolio, by applying the requirements of Law Framework No. 50.21 related to the reform of public institutions and enterprises, in order to enhance the “idealism” of the state and rationalize its management, and to address the structural imbalances of public institutions and enterprises. In order to achieve the greatest possible degree of integration and harmony in its tasks, and to increase its economic and social returns, and its contribution to the state’s general budget.
In addition, the government will be keen, during the year 2024 and the following years, to gradually reduce the budget deficit, in a way that enables putting public finances on the path of reducing the volume of indebtedness, strengthening the financial balance, and restoring the financial margins necessary to continue the various development projects.
The note noted that, according to the above, and in order to implement the priorities detailed above, a growth rate of about 3.7 percent is expected to be achieved in 2024, compared to 3.4 percent in 2023, while continuing to reduce the budget deficit to 4 percent in 2024, compared to 4.5 percent expected at the end of the current year.