PRESENTATION OF THE MEASURES INTRODUCED BY THE ECONOMIC WATCH COMMITTEE DURING ITS 11TH MEETING.

12/01/2021

 

The Economic Watch Committee (EWC) held its 11^th meeting on January 6^th, 2020 in order to follow the evolution of the Kingdom’s health and economic situation.

Following this meeting, several decisions have been taken:

• Extension and improvement of Damane Reliance guarantee offer:

The EWC decided to extend the deadline for granting recovery credits until March 31^st, 2021 and introduction of easing measures, in addition to improving terms for using this facility. These measures relate to the following aspects:

• Expansion of the offer to insurance brokers,  exchange offices and money transfer companies;
• Relaxation of the conditions to obtain these credits in favour of construction companies;
• Increase in the amount of Recovery credit up to 2 months of turnover for tourist transport companies affected by the Covid 19 crisis;
• Increase in the ceiling for the amount of the Recovery loan from 40% to 50% of the overall cost of carrying out the project for the real estate development companies under certain conditions.
• Extension and improvement of support measures for tourism, caterers, amusement parks and games

The EWC decided to keep supporting measures until March 31^st, 2021. In fact, it was decided to grant further compensation of MAD 2K for the employees registered to CNSS.

Also, an amendment to the program contract for the Recovery of the tourism sector was signed. Moreover, the said amendment contains provisions specific to the tourist transport sector. The benefit of these provisions is to postpone the payments of loans contracted with banks and finance companies.

• New program contracts

Four new program contracts covering the press sector, cultural and creative industries, private sports halls and nurseries were signed during this meeting. These program contracts include social and economic support measures for preserving employment and supporting entrepreneurial activity in the concerned sectors.

Finally, a program contract was signed to support CNSS’s affiliated catering companies which are affected by the decisions taken to contain the spread of the pandemic. This program contract takes effect starting from 1^st January 2021.

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