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The Moroccan Economy in Brief: Saturday, November 16, 2019

The 2020 Finance Bill passes the House of Representatives:
The 2020 Finance Bill has finally reached the House of Representatives. The councillors of the Second Chamber will therefore have 22 days to examine and adopt this text, in accordance with Article 49 of Organic Law No. 130.13 on the Finance Law. The House of Representatives adopted, Thursday evening by a majority, the Finance Bill (PLF) for the year 2020. The text was approved by 146 MPs, while 60 others opposed it. Mohammed Benchaâboun, Minister of Economy, Finance and Administrative Reform, who responded to the interventions of the parliamentary groups during the general discussion on this text, began by welcoming the serious spirit and great mobilisation of Members of Parliament, both from the majority and the opposition, during the discussion of the text.


The World Bank supports the establishment of targeted assistance mechanisms:
Morocco's performance in the global business climate ranking reflects the effectiveness of the reforms adopted by the Kingdom over the years. This was stated on Thursday in a press conference by the World Bank Group's Vice President for the Middle East and North Africa, Ferid Belhaj. Stressing the importance of the reforms undertaken, the official added that the case of Morocco is interesting and challenging in a way, because it is a country that, thanks to its stability, political choices and reforms, has been able to make significant progress in the World Bank's Doing Business ranking.


Morocco and Maldives sign four bilateral cooperation agreements:
The Kingdom of Morocco and the Republic of Maldives concluded four bilateral agreements in Rabat on Friday on visa waiver, cooperation in religious matters, strengthening political consultations and cooperation between diplomatic studies institutes. These are two agreements on visa waiver and religious cooperation, as well as two memoranda of understanding on strengthening political consultations between the two countries and deepening cooperation between the Moroccan Academy of Diplomatic Studies (AMED) and the Foreign Affairs Institute of the Maldivian Ministry, said Minister of Foreign Affairs, African Cooperation and Moroccans residing abroad, Nasser Bourita, at a press briefing following meetings with Maldivian Foreign Minister Abdulla Shahid.


The African Continental Free Trade Area is at the heart of the debates:
The closing ceremony of the MEDays Forum scheduled for Saturday, November 16, will be marked by the adoption of the "Tangier Declaration". This document is written in the form of recommendations whose objective will be to respond to the many challenges raised and which are of a political, economic and security nature in relation to the ideas raised during the four days of debates that the Forum lasted. Thus, it is expected that a large part of this declaration will focus on African unity, particularly through the African Continental Free Trade Area (AfCFTA).


The European Investment Bank is withdrawing from fossil fuels:
The European Investment Bank (EIB) has announced that it will stop financing new fossil energy projects, including gas, starting from 2022, thereby contributing to the reduction of greenhouse gas emissions and the fight against climate change. "We will stop financing fossil fuels and launch the most ambitious climate investment strategy of any public financial institution in the world," said Werner Hoyer, President of the EIB, in a statement.