Cutting Investment Spending is to Maintain a Budgetary Control, Moroccan Official

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By Samira Arabi

Morocco News Tribune

Agadir, Morocco |Idriss Azami Al Idrissi, Minister for the Budget that said the decision made by the Moroccan government recently to cut 15 billion dirhams (1.8 billion dollars) of investment spending was aimed at maintaining balances on macroeconomic and budgetary control.

The minister added that the government would not touch the system of subsidies for food and energy.

Azami said on Friday that we found that “ that the volume of investment in 2013 exceeded what was expected for the year, and therefore had to be adjust the size of the investment.”

He also said the was predicted to be around 13 billion dirhams, but it went up to 21 billion dirhams.

The Minister explained that reforming system of subsidies has to be comprehensive and take into account the poor social groups and the economic and social prospects.”