The House of Representatives approves the 2023 Financial Settlement Law and praises crisis response measures
The House of Representatives today, Tuesday, passed the financial settlement draft law No. 07.25, concerning the implementation of the 2023 finance law, with a majority following its approval by the Public Finance and Governance Oversight Committee. Eighty-two members voted in favor of the draft, while thirty-one opposed it, with no abstentions recorded.
Budget Minister Fouzi Lekjaa explained that this draft cements the government’s commitment to reducing the timeline for preparing settlement laws, having been presented forty days ahead of the legally mandated deadline, in line with Article 65 of the finance regulatory law, which enhances transparency and strengthens parliamentary oversight mechanisms.
Lekjaa confirmed that the project documents were prepared in coordination with the Court of Auditors, which contributed to shortening the preparation time. He noted that the 2023 finance law was the first politically comprehensive law under the current government, based on royal directives, the development model content, and the government program, focusing on strengthening the social state, stimulating investment, and establishing spatial justice.
The government implemented this law amid a difficult international context marked by ongoing geopolitical crises and rising energy and food prices, in addition to the repercussions of the Al Haouz earthquake. Nevertheless, the Moroccan economy demonstrated a strong ability to adapt and recover, supported by proactive measures to protect purchasing power and assist areas affected by the earthquake.
Lekjaa reported an improvement in the growth rate, reaching 3.7% in 2023 compared to 1.8% in 2022, due to a 3.7% increase in the value added of non-agricultural activities and a relative recovery in the agricultural sector. The trade deficit decreased by 7.5%, driven by an increase in exports, tourism revenues, and remittances from Moroccans abroad, raising foreign currency reserves to 359 billion dirhams, equivalent to 5 months and 12 days of imports.
In terms of public finances, the budget deficit was reduced to 4.3%, compared to 5.4% in 2022, and the debt-to-GDP ratio fell to 68.7% from 71.4% the previous year.
Total expenditures in the general budget reached 532.9 billion dirhams, while the expenditures of special treasury accounts amounted to 151.67 billion dirhams against revenues of 181.58 billion dirhams. The independently managed state facilities recorded operational expenditures of 2.33 billion dirhams and investment expenditures of 317.61 million dirhams, with a net increase in expenditures of 13.94 billion dirhams.
Lekjaa concluded by emphasizing the importance of expanding result-based management and enhancing the regulatory and oversight tools used, despite remaining challenges, while reaffirming the government’s commitment to improving financial and administrative performance.
