Rabat- The economy and finance minister has announced a new action plan to settle debts for private and public sector companies.

During Wednesday’s Council of Ministers, chaired by King Mohammed VI, Minister of Economy and Finance Benchaaboun presented a general outline of the 2019 draft Finance Bill.

The bill, according to Benchaaboun, prioritizes social policies, in the fields of health, education, and employment. It aims to accelerate social dialogue, improve socio-economic integration, and sustain Morocco’s ailing health and educational systems.

The bill also seeks to improve the business climate and support small and medium-sized enterprises as one of its priorities. On budgetary concerns, the budget will try to reduce the budget deficit and practice vigilant debt management.

The government plans to industrialize Morocco by increasing the industrial sector’s contribution to gross domestic product, attracting foreign investment, and reducing the trade deficit.

Read Also: King Mohammed VI Reviews 2019 Finance Bill to Prioritize Education, Health

The government will also select projects to improve living conditions, especially for those in remote areas.

Saving failing companies
To relieve accumulating debts by public institutions and companies facing financial difficulties, the minister said the government has partnered with the banking sector.

Benchaaboun said that the new measure will settle the companies’ debts over the next ten years. He proposed a review of the status of company subsidiaries to rationalize their expenditures.

On the sidelines of the meeting, the council of ministers approved six international agreements and a multilateral agreement on the African Union convention on preventing and combating corruption.

King Mohammed VI said in a message addressed to the 31st African Union Heads of State Summit in July that corruption may have serious effects on sustainable development goals.

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