Morocco to cut spending by $1.2bn
Rabat, November 9, 2013
Morocco will cut its 2013 investment spending by at least 10 billion dirhams ($1.2 billion) to keep the budget deficit close to 5.5 per cent of gross domestic product as promised to international lenders, according to an official document.
Moroccan Prime Minister Abdelilah Benkirane has a final set a final deadline for all government departments for new state investments, according to the document.
Morocco is under pressure from international lenders to repair its public finances hit by the Arab spring revolts, the euro zone crisis and drought.
But it must also balance growth and social stability in the north African kingdom, where people are accustomed to heavy public spending.
The 2013 budget set aside 58.9 billion dirhams for public administration investments, but the government had already cut 15 billion dirhams in April to reduce pressure.-Reuters