The Draft Finance Bill 2025 is formulated to respond effectively to various economic and social challenges, drawing on the achievements of the first half of the government’s mandate, Fettah said during a joint plenary session of Parliament.
In this regard, the minster emphasized the importance of continuity in strengthening the pillars of the social state and enhancing the national economic and financial framework.
Fettah outlined four key priorities in the 2025 Finance Bill: further reinforcing the social state, fostering investment and job creation, advancing structural reforms, and ensuring the sustainability of public finances.
She noted that the bill is being crafted amid a global context of uncertainty, driven by climate crises and escalating geopolitical tensions, which are expected to impact economic growth. The Minister projected global growth rates to remain subdued at around 3.2% for 2024 and 2025, while a modest recovery is anticipated in the eurozone, with growth rates of 0.9% in 2024 and 1.3% in 2025.
Domestically, the context has improved, with inflation dropping to 1.1% as of August, attributed to government measures supporting prices and agricultural inputs. Fettah forecasted national economic growth of 3.3% by the end of 2024, driven by a robust non-agricultural sector, which is expected to see a 3.7% increase in value added, following a 3.5% rise in 2023.
This growth trajectory is expected to help reduce the budget deficit to approximately 4% in 2024, down from 5.4% in 2022 and 4.3% in 2023. This improvement is linked to a significant increase in tax revenues, which rose by 23.9 billion dirhams (MAD) by the end of September, marking an 11.9% increase compared to the same period in 2023.
Fettah also outlined the government’s targets for the national economy, aiming for a growth rate of 4.6%, with inflation capped at 2%. This includes expectations for a 3.2% rise in external demand, excluding phosphates and derivatives, a cereal harvest of 70 million quintals, and an average price of butane gas set at $500 per ton.
Additionally, the development of the 2025 Finance Bill aligns with the 25th anniversary of HM King Mohammed VI’s accession to the throne, a period noted for an overall development process.
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