The House of Representatives (lower house) adopted, on Wednesday morning at a plenary session, by a majority vote the first part of the Appropriation Bill (PLF) for the 2024 financial year. The first part of the bill, as amended, was approved by 175 votes in favor, 59 against and one abstention. At this session, attended by Minister of Economy and Finance, Nadia Fettah, and Minister Delegate in charge of the Budget, Fouzi Lekjaa, the amendments focused mainly on the gradual reform of value-added tax (VAT), domestic consumption tax, customs tariffs and VAT rates to ensure neutrality. In response to questions from MPs, Fettah stressed that the PLF is based on strengthening the sustainability of public finances, which is a fundamental condition for implementing structural reforms and enshrining the social state. The Minister went on to say that the Executive is working to gradually reduce the budget deficit, thus enabling public finances to be steered towards a downward trajectory in terms of debt levels, and to strengthen financial equilibrium. Despite the exogenous constraints linked to the situation of uncertainty, she said, the government managed to achieve three main objectives. This involves allocating the necessary budget for the implementation of the social protection project, adopting an approach based on transparency regarding the reform of the Compensation Fund, and controlling the macroeconomic framework. She underlined that the Executive is committed to strengthening public investment, by continuing to carry out major infrastructure projects and various sectoral strategies, welcoming the State’s investment effort estimated at 335 billion dirhams in 2024, which will help strengthen the necessary infrastructure of the national economy.
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