The Moroccan Economy in Brief: Friday, October 16, 2020

Morocco's budget deficit increased to MAD 42.8 billion at the end of September:
The budget deficit stood, at the end of September 2020, at MAD 42.8 billion, compared to MAD 28.5 billion at the same date last year, according to the situation of charges and resources of the Treasury (SCRT), published Thursday by the Ministry of Economy, Finance and Administration Reform. Compared to August, this deficit is an improvement of MAD 3.7 billion, mainly resulting from the improvement of the ordinary balance (MAD +6.7 billion compared to August 2020), says the same source.

Digital transformation: inwi launches a 4th edition of the "Rencontres Entreprises:"
inwi's "Rencontres Entreprises" are back for a 4th edition. These meetings, which will be held this year in the form of Webinars, in partnership with the French Chamber of Commerce and Industry of Morocco (CFCIM), aim to support Moroccan companies to succeed in the challenge of digital transformation. "The aim of the Rencontres Entreprises is to support economic operators in their digital transformation process, by sharing with them the best practices, while providing them with all the tools necessary for their digitalization. This support is all the more meaningful in the context of the current health crisis that has accelerated the digital shift around the world," says Ouassim El Arroussi, Director of Research and Development at inwi.

77 operators are positioned on the new Sefrou RZ, MAD 124 million in expected investments:
A total of 77 economic operators have expressed, to date, their interest in the industrial park project Ain Cheggag (PIAC), whose construction work was launched Wednesday in the town of Ain Cheggag, under the province of Sefrou. According to figures released at the launch ceremony, these operators encouraged by the incentive framework established in the industrial ecosystems of leather, among others, have requested an area of 17 Ha net with investment forecasts of MAD 124 million, expected to generate 1,626 jobs.

BMCI launches its mobile payment service:
In order to be part of the country's economic recovery and to promote financial inclusion, BMCI and the BNP Paribas Group have created DIGIFI, an autonomous subsidiary dedicated to mobile payment in Morocco. DIGIFI has obtained an approval from Bank Al-Maghrib and has set up its Mobile Wallet with the highest standards of the market in terms of security and reliability thanks to the expertise of the Group and its centers of competence in Morocco. This digital and innovative project reflects the Bank's ability to adapt to its environment and to offer its clients relevant tools in a constantly evolving market. In addition, this project aims to contribute to the development of banking services in the country.

Gross tax revenues in Morocco were down 6.9% at end-September:
Gross tax revenues amounted to MAD 151.3 billion for the first nine months of this year, a decrease of 6.9% compared to the end of September 2019, according to the Kingdom's General Treasury (TGR). This decline is due to a 12.4% drop in customs revenue and a 4.4% drop in domestic taxation, explains the TGR in its recent monthly public finance statistics bulletin (BMSFP). Net customs revenues (customs duties, import VAT and ICT on energy products) amounted to MAD 40.96 billion at the end of September 2020 against MAD 46.79 billion one year earlier, down by 12.5% or MAD -5.83 million compared to their level at the end of September 2019, taking into account tax refunds, rebates and restitutions of MAD 81 million at the end of September 2020, the same source says.