Of the four priorities of the future finance law cited in the mid-year report on the 2021 and 2022 finance laws, presented this Wednesday to the Finance Committee, the social component monopolizes half of the priorities of the finance law. finances 2022.
According to the mid-year report on the finance laws (2021 and 2022) presented by the Minister of the Economy and Finance, Mohamed Benchaâboun, – in accordance with the Organic Law on the Finance Law (LOLF) – the social monopolizes two out of four priorities with regard to the 2022 finance law.
Although it is not the framework letter, which sets the final priorities, this document gives a foretaste of what the main orientations of the future finance law should be.
In fact, in addition to the priority of “consolidating the fundamentals of the recovery of the national economy”, the government has set itself the consolidation of integration and social protection mechanisms, the strengthening of human capital and the reform of the public sector. and strengthening governance as priorities.
The social is based on the economic
In order to remain faithful to the reference framework, namely the directives contained in the royal speeches, in particular the implementation of the generalization of social coverage, as well as the implementation of the recommendations of the new development model, the government has determined the measures capable of obtaining the necessary means to achieve these ambitious objectives.
These measures include broadening the tax base, improving tax collection in accordance with the framework law on the reform of the tax system as well as the establishment of new tax resources in order to ensure the generalization of the tax system. social Security.
Achieving these objectives faces the permanent challenge of restoring macroeconomic balances in public finances. “Facing these challenges requires finding the necessary balance between the execution of priorities and the reduction of budgetary constraints which have a negative impact on the structural balance of public finances”, we read in the report.
Continued economic recovery in 2021
Regarding the current financial year, the report presented by Benchaâboun highlights the improvement in the recovery of economic activity since the start of the 2021 financial year.
In detail, it positively records the concrete progress of the vaccination campaign and the activation of measures to support the economy as part of the economic recovery plan, which will improve the economic situation and achieve positive growth.
In the same wake, he notes that with the exception of tourism and transport, the economic sectors have regained their vitality by reaching levels similar or superior to the situation before the Covid-19 crisis. Except that this recovery is not immune to threats related to the pandemic.
The great risk of an acceleration of the pandemic
The report also notes the improvement in foreign demand directed towards Morocco, which is likely to strengthen the economic recovery and activate foreign-oriented sectors.
Given these elements, combined with an exceptional agricultural season, after two consecutive years of drought, as well as the encouraging outlook for the tourism and transport sectors, the government expects continued economic recovery.
A recovery threatened by serious risks in relation to the recent acceleration of infections with the spread of the new Delta variant and the risks that may arise from the recent opening of borders, the report warns.
On this basis, the growth rate of the national economy is expected to oscillate between 5.5% and 8.5% during the year 2021, thus recovering much of the contraction estimated at -6.3 during the year 2020.