This forecast is based on three priorities, namely the implementation of the national economy recovery plan, the generalization of social coverage and the implementation of the exemplary nature of the State, while taking into account the national and international situation marked by the repercussions of the Covid-19 crisis, according to this note sent to the various ministerial departments.

The note is also based on the assumption of an average price of butane gas at 350 dollars per tonne and an average cereal harvest of around 70 million quintals, the source points out.

And to note that the elaboration of the 2021 Finance Bill takes place in an exceptional national and international context marked by the spread of the coronavirus and its health, economic and social repercussions across the world.

The world economy is expected to contract more severely than in 2008, particularly among Morocco's main partner countries in the European Union. Unemployment has reached record levels and world trade has fallen sharply.

The Kingdom was not immune from the negative impacts of this crisis. In addition to the effect of the drought that marked the agricultural season this year, the national economy is expected to contract for the first time since the end of the 1990s due to the impact suffered by several sectors, in particular exporting sectors.

Macroeconomic balances would also be impacted, in particular with the worsening of budget deficits and of the current account of the balance of payments.

To face this crisis, Morocco, thanks to the far-sighted vision and the wisdom of HM King Mohammed VI, has taken proactive and rapid measures which made it possible to control the health situation and provide the necessary support to national companies.

In this context, several civilian and military hospitals were provided with the necessary medical equipment. Exceptional financial assistance has been granted to 70% of Moroccan families for a budget of nearly 22.4 billion dirhams.

Businesses have also benefited from relief measures, particularly SMEs, as well as facilitated access to finance by guaranteeing more than MAD 17.5 billion in loans to more than 48,000 businesses, the note said.

Thanks to these measures and to the wise decisions of HM the King, Morocco has succeeded in mitigating the repercussions of this crisis on the social situation of millions of Moroccan families and preventing an even greater contraction of the national economy.