Morocco’s Economic Monitoring Committee (CVE) overseeing the effects of the novel coronavirus (COVID-19) outbreak has decided to suspend the payment of social security contributions (CNSS) and to establish a moratorium for the reimbursement of bank credits for the benefit of businesses.
The committee includes eight ministries, Morocco's central bank (Bank Al-Maghrib), the Professional Grouping of Banks in Morocco, the General Confederation of Enterprises in Morocco, the Federation of Moroccan Chambers of Commerce, Industry and Services and the Federation of Chambers of handicraft.
CVE decided on the action plan, effective until the end of June.
The CVE thoroughly analyzed the expected negative repercussions on numerous sectors of Morocco’s economy.
The two sectors most vulnerable to impacts are tourism and textiles, the CVE determined.
The committee is set to meet again on Monday, March 23. In the meantime, the members of the committee will monitor the evolution of the economic situation in Morocco.
It also set up a technical committee to prepare a guide explaining the terms and conditions for granting the plan’s measures.
