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Moroccan King Says Economic Stimulus Plan Is "Our Foremost Priority"
RABAT || The economic stimulus plan, which is based on the strategic investment fund called the "Mohammed VI Investment Fund", is our foremost priority at this stage and is meant to support productive sectors - especially small and medium-sized enterprises", said HM King Mohammed VI.
"At this stage, the economic stimulus plan is our foremost priority," said HM the King in a speech delivered on Friday to the parliament from Rabat Royal Palace, on the occasion of the opening of the 1st session of the 5th legislative year of the 10th legislature.
The sovereign underlined that this plan is meant to support productive sectors - especially small and medium-sized enterprises.
"The economic stimulus plan is based on the strategic investment fund, which I have asked to be set up and which I have decided to call the 'Mohammed VI Investment Fund' ", HM the King added in this speech.
The plan is meant to support productive sectors and to increase their ability to invest. It is also designed to create jobs and to preserve sources of income, said HM the King, underscoring that "the plan should be implemented as part of a constructive national contract involving the State and economic and social partners. The aim is to lay the groundwork for the plan's success, based on the connection between rights and duties."
The monarch said that as part of efforts to support enterprises, more than 20,000 Moroccan businesses have benefited from state-guaranteed loans, amounting to approximately MAD 26.1 bn.
This mechanism has enabled beneficiaries to withstand the impact of the crisis, mitigate its effects and preserve jobs, said His Majesty, stressing that efforts in this area - those of the banking sector, the Central Guarantee Fund, businesses and professional associations - should continue.
In this context, the sovereign said that he expects this fund to play a pivotal role in promoting investment and boosting the economy, noting that it will support productive sectors and will finance and provide assistance to major projects within the framework of public-private partnerships.
"To enable the fund to carry out its mission in an optimal way, I have asked for it to be endowed with legal personality and have proper management bodies. I expect this fund to be a model institution in terms of governance, efficiency and transparency," the monarch underlined. "I have also asked for MAD 15 bn from state resources to be allocated to the said fund to incentivize Moroccan and international partners and encourage them to support fund interventions and also to participate in investment projects designed to promote the recovery plan and broaden its economic, social and environmental impact," HM the King added.
The monarch explained that the fund will focus its interventions on specialized sectoral funds affiliated with it. "Its interventions are to be decided in light of the priorities identified for each phase, taking into account the specific needs of each sector," His Majesty added. The areas concerned in this regard include the restructuring of industry, innovation, high-potential sectors, small and medium-sized enterprises, infrastructure, agriculture and tourism, the sovereign stated.
He also called for vigilance and commitment to continue supporting the health sector. "What matters most, at this stage, is to be vigilant, commit to preserving the health and safety of citizens, and continue supporting the health sector," said HM the King in a speech delivered on Friday from Rabat Royal Palace to the parliament on occasion of the opening of the 1st session of the 5th legislative year of the 10th legislature.
Tackling this unprecedented crisis requires across-the-board mobilization in the country as well as concerted efforts by everyone to rise to the challenge, stressed the monarch, urging all national institutions and stakeholders, particularly Parliament, to rise to the challenge and to be mindful of people's aspirations.
"Ours is a common responsibility; either we succeed, all of us together, for the sake of the homeland and the well-being of the citizens, or we do not," said the sovereign. "I am confident, however, that we shall all rise to this challenge, in keeping with the spirit of national unity and social solidarity," His Majesty added.