Morocco 2003 state budget worth us$ 13.28 billion
Morocco, Economics, 10/15/2002

The overall amount of the draft finance law for 2003 is set at 139.51 billion Dirhams (US$ 13.28 billion), which is a 1.8% rise in comparison with the 2002 state budget.

The budget includes 78.23 billion Dirhams (US$ 7.45 billion) for operating costs and 19.52 billion Dirhams (US$ 1.86 billion) for investment expenses, scoring a 3.7% increase and a 2% decrease respectively in comparison with the previous finance law, the ministry of economy, finance, privatization and tourism said.

The draft finance law provides for the creation of 6,955 jobs, and has as main objectives the reactivation of public and private investments, fighting poverty and reforming public management.

A set of measures are also envisioned to upgrade enterprises' competitiveness, including opening single investment desks for each region, bettering business' fiscal and customs framework and modernizing its legal environment.

The ministry said important initiatives are planned in terms of poverty fighting and reducing social and regional disparities, citing the territory planning scheme and the compulsory global health coverage (AMO).

According to the ministry of economy, finance, privatization and tourism, the state's overall receipts are expected to rise by 0.49% to reach some 136.77 billion Dirhams (US$ 13 billion).

The 2003 finance law is based on an average agricultural season, an oil barrel price of $24 and a 7% rise in taxable imports. It expects a 4.5% GDP growth, and a 2% inflation rate. These macroeconomic hypotheses are "realistic, even cautious," the ministry says.

The draft was approved September 9 at a ministerial council chaired by King Mohammed VI, and still needs to go through the two houses of the parliament to be adopted.

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