"The loss would have been much greater if the financial support had not been provided by the special Fund for the management of the coronavirus pandemic (Covid-19), established on the High Instructions of HM King Mohammed VI," Mohamed Benchaâboun said during an oral question session in the House of Advisors.

 At the level of public finances, the minister noted that the economic slowdown is expected to lead to a drop in Treasury revenues of about 500 million dirhams per day during the period of health confinement, stressing that Morocco, like most countries, has been strongly impacted by the repercussions of the health crisis on the economic and financial levels, as indicated by a set of economic indicators.

 According to available data for the first four months of 2020, exports recorded a sharp decline of 61.5%, compared to 37.6% for imports, he said, noting that the most impacted exporting sectors are industrial activities linked to global value chains, notably the automotive industry (-96% in April and -86% in March), aeronautics (-81% in April and -52% in March) and electronics (-93% in April and -51% in March).

 On the other hand, exports of phosphates and derivatives recorded a positive trend of 14% in April, the minister added.

 Benchaâboun pointed out that the slowdown in economic activity has also been reflected in the growth of tourist receipts which fell by 60% last April, bringing to -15% the decrease in the sector over the first four months of the year, indicating that the transfers of Moroccans residing abroad fell by 30% in April and by 11% between January and April of 2020.