Shaken By Covid, Morocco To Spend Record 23 Bn Euros In 2022

Rabat, (UrduPoint / Pakistan Point News - 27th Oct, 2021 ) :Morocco will spend a record 23 billion Euros ($27 billion) on public investment in the coming year to right an economy shaken by the coronavirus pandemic, the economy minister announced on Tuesday.

The government is planning to "mobilise public investment of 245 billion Dirhams" (23 billion euros) during the 2022 financial year, Nadia Fettah Alaoui told reporters.

"It is a record figure -- crucial to put the economy back on track," she added.

That is a jump from 230 billion dinars in 2021.

Morocco fell into its worst recession in a quarter-century last year when the economy contracted by around seven percent because of effects from the pandemic.

But gross domestic product is set to grow this year by 5.2 percent, according to the budget plans, which project a 3.2 percent expansion in 2022.