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Finance - News around Africa - Startup - March 23, 2020

COVID19: Morocco Sets-Up Measures for SMEs and the Unemployed

Due to the effects of the COVID19 outbreak, a Moroccan committee has adopted a series of measures, including providing stipends for the unemployed, loans and tax deferrals for SMEs in difficult financial conditions. Employees who lost their jobs will receive 2000 dirhams monthly and continue to benefit from family allowances and mandatory health coverage as well as a three-month deferral period on their loans, said the national economic follow-up committee.

Small businesses and the self-employed will also benefit from postponing their due loan until June 30 and will be spared paying social contributions to the pension fund. The companies with an annual 2019 revenue of less than 20 million dirhams can have, if they wish, a tax deferral until June 30.

COVID19: Morocco Sets-Up Humanitarian Measures for SMEs and Unemployed Residents

These measures will be financed by the special fund, which the King has called for. The fund has so far collected more than 25 billion dirhams in contributions from the public and the private sectors. The task force, made up of members from different ministries as well as Moroccan banks and the employers’ federation, will meet next Monday to look into ways of supporting those operating in the informal sector.

READ MORE: COVID19: Morocco Sets Up a $1 Billion Special Fund for Management of the Pandemic

Last Friday, Morocco declared a “health emergency” and is restricting movement across the country from 6PM, to prevent the further spread of the COVID19. People may only leave their homes to buy food or medicine or go to work—but only after receiving a permit from the authorities. “The health emergency does not mean stopping the economy,” said the interior ministry, noting that banks, fuel stations and other critical businesses will be able to operate.

Abdelouafi Laftit – Moroccan Interior Minister

The North African country has confirmed more than 100 cases of the coronavirus and about four deaths. Most of the sick caught the virus abroad, but it has now also started to transmit within Moroccan cities.

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