The Moroccan Economy in Brief: Thursday, October 13, 2022
Morocco collects more than 63 billion dirhams of customs revenue in 9 months:
Net customs revenue stood at 63.1 billion dirhams (MMDH) at the end of September 2022, up 22.8% compared to the same period a year earlier, according to the General Treasury of the Kingdom (TGR). These receipts, which include customs duties, value added tax (VAT) on imports and the domestic consumption tax (TIC) on energy products, take into account tax reimbursements, reliefs and refunds of 195 million dirhams (MDH), specifies the TGR in its recent monthly public finance statistics bulletin (BMSFP), adding that gross customs revenue increased by 23% to more than 63.29 billion dirhams.
The Moroccan budget deficit eased to 8.5 billion dirhams at the end of September, the details:
The situation of Treasury expenses and resources on the basis of revenue collected and expenditure issued, shows a budget deficit of 8.5 billion dirhams (MMDH) during the first nine months of this year, against a deficit of 38.2 billion dirhams at the end of September 2021, according to the General Treasury of the Kingdom (TGR). This deficit takes into account a positive balance of 40.5 billion dirhams generated by the special accounts of the Treasury (CST) and the State services managed independently (SEGMA), indicates the TGR in its monthly public finance statistics bulletin (BMSFP) of September 2022.
Sofac acquires 100% of the capital of Badeel:
The Sofac financing institution has acquired 100% of the capital of Badeel, a start-up specializing in LLD (Long Term Rental) and mobility services. This operation completes an initial 15% stake which aimed to develop synergies between the two entities and which made it possible to identify the strong potential of the contribution of Badeel's activities to Sofac's development plan, indicates a press release from Sofac published on the website of the Moroccan Capital Market Authority (AMMC).
SEAF Morocco Capital Partners becomes EmergingTech Ventures:
The management company SEAF Morocco Capital Partners, owned since its creation in 2018 by the international investment platform SEAF, announces a change in shareholder control following the buyout of all of its share capital by the management team and now becomes EmergingTech ventures. “The company is thus changing its corporate name to become “EmergingTech Ventures” and is preparing to embark on a new phase in its development. These changes will have to be the subject of a new approval granted by the Ministry of Economy and Finance”, indicates a press release from EmergingTech Ventures.
Overall traffic in Moroccan ports at nearly 60.3 MT at the end of August:
The overall traffic of the ports managed by the National Ports Agency (ANP) stood at 60.28 million tonnes (MT) during the first eight months of this year, down 1.2% compared to the same period a year earlier. This traffic is split between import with 39.7 MT, up 6.9%, export with 17.68 MT (-19.3%), import cabotage with 1.84 MT (+43, 4%) and export cabotage with 1 MT (+59.5%), specifies the ANP in a note on traffic for the month of August. By port, the distribution shows a domination of the ports of Jorf Lasfar and Casablanca with respective shares of 38.7% and 29.3%, followed by Safi (11%), Agadir (7.2%), Mohammedia (6.3%), Nador (4.4%), and Laâyoune (2.3%) .