Despite an uncertain international context and an agricultural campaign that seems severely weakened by the rainfall deficit, the national economic situation is generally positive at the start of 2022. According to the Financial Studies and Forecasts Department (DEPF) under the Ministry of Economy and Finance, and following analysis of available economic indicators, secondary activities confirm their recovery, particularly in the electrical energy sector, the construction sector and the extractive sector. This analysis shows that the production of electrical energy improved by 3.4% at the end of the first month of 2022, following an increase of 1.8% a year earlier. This, following the “strengthening of ONEE’s production by 23.7% (following -12.2%) and that of renewable energies relating to Law 13-09 by 12.9% (following +12.6 %), mitigated by the decline in private production of 2.4% (following +5.6%)”. Compared to its pre-crisis level (January 2020), the DEPF indicates in its economic note for the month of March (No. 301) that the production of electrical energy has firmed up by 5.3%. On the construction side, it appears that cement sales increased by 5.8% at the end of the first two months of the current year, following a drop of 10.1% recorded a year earlier, due to the consolidation of sales relating to ready-mixed concrete by 36%, precast (11.9%), building (14.1%) and infrastructure (10.7%). The DEPF also notes the continued dynamism of the extractive sector, following ending 2021 with an improvement in its production index of 2.1%, in consolidation of a 5% increase a year earlier. This sector is benefiting from the positive development of foreign demand addressed to Morocco at the level of OCP activities, according to the DEPF, which underlines that exports of phosphate and derivatives have appreciated, in value, by 123.7% in the first month of 2022. As the DEPF explains in its note, “this change follows an increase of 57.1% at the end of 2021 and 13.3% a year earlier, due to the increase sales abroad of phosphate derivatives by 135.9% and rock phosphate by 34.4%. In terms of domestic demand, household consumption should maintain a positive trend, according to the DEPF, stressing that it is benefiting from the generally favorable behavior of the main income barometers. Management refers in particular to the growth of consumer credit of 2.5% at the end of January 2022, to the convincing level of transfers from MREs and to the maintenance of the compensation effort by the government (5.3 MM from Dhs to end of February 2022) to mitigate the impact of rising international prices on household purchasing power. With regard to the investment effort, it should be consolidated in line with the good performance of imports of capital goods and semi-finished products which increased respectively by 13.5% and 53.1%, to at the end of January 2022, estimates the DEPF in its economic report. The same source indicates, with regard to foreign trade, that exports increased by 23% at the end of January 2022, due to the “increase in sales abroad of almost all export sectors, in particular the phosphates and derivatives, agriculture and agro-food and textile and leather sectors as well as the aeronautics and electronics sectors”. Still according to the DEPF, imports grew at the same time by 39.5% at the end of January, widening the trade deficit by 75.2%; while the Official Reserve Assets (AOR) remain at their end-December 2021 level. This, she continues, ensures coverage for 6 months and 22 days of imports of goods and services. In terms of public finances, the latest economic report shows that “the increase in ordinary revenue of 9.1% at the end of February 2022 resulted in a reduction in the budget deficit, despite the increase in overall expenditure of 2 .5%”. As for the indicators relating to the financing of the economy, they show an improvement in the growth of bank loans of 3.4% at the end of January 2022, but report falls in the stock market indices MASI and MSI 20 respectively of 5.9% and 6.7% during the month of February 2022. This offsets their positive performance compared to the end of December 2021.
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The Hollywood Producers Association on Saturday honored independent film “CODA” as Best Picture of the Year, bolstering its chances at the Oscars.
The awards given by the Producers Guild of America (PGA), made up of some 8,000 professionals who make the rain or shine in Hollywood, are considered a relatively reliable barometer for the Oscars which will be awarded this year on March 27.
Remake of the French film “La Famille Bélier” by Eric Lartigau (2014), “CODA” tells the story of a deaf family in difficulty. Deaf actors play the main roles. Its title is the acronym of “Child of deaf adult” which literally means “hearing child of deaf parents”.
The viewer follows Ruby, a hearing high school student, who juggles her musical ambitions and her family’s dependence on her to communicate with the “hearing” world.
Released on Apple TV+, “CODA”, which won the top prize at the SAG Awards at the end of February, is now well placed to compete with the great favorite “The Power of the Dog” by Jane Campion, produced by Netflix. “I’ve always been drawn to stories full of humanity,” said French producer Philippe Rousselet, co-producer of “CODA,” on receiving the award, “a sign that there is still hope” in the world.
“In music, a coda signifies the end of a movement,” observed Deaf actress Marlee Matlin, who plays Ruby’s mother in “CODA,” adding, “It’s wonderful to see the audience so welcoming our film and it’s wonderful to make history.”
Among other PGA winners, “Encanto” won best animated film producer, bolstering its own chances for the Oscars before voting closes on Tuesday. “Summer of Soul”, musician Questlove’s first film on the “Black Woodstock” Festival which took place in Harlem in 1969, won a new award for best documentary.
On the TV side, HBO’s “Succession” took home the award for Best Drama TV Series. During the evening, Steven Spielberg paid tribute to “(his) brother” George Lucas by presenting the creator of “Star Wars” with a PGA award for his career. Lucas shares this Milestone Award with Kathleen Kennedy, President of Lucasfilm now owned by Disney.
The epidemiological situation is under control, according to the Ministry of Health
written by Alexandra Hartman Editor-in-Chief
The Ministry of Health and Social Protection stressed on Tuesday the need to maintain the stability of the epidemiological situation in Morocco, which remains “under control” throughout the national territory, in the light of an increase weekly Covid-19 infections worldwide for the first time in five weeks. “The spread of the new coronavirus remains low in all regions of the Kingdom, where a considerable drop in infections has been recorded for the seventh consecutive week”, said said in the bi-monthly report on the epidemic situation (February 28/March 14, 2022), presented by the coordinator of the National Center for Public Health Emergency Operations, Mouad Mrabet. A total of 450 new cases were recorded during the last week, a 40% drop compared to the week before, said the same official, noting that the rapid decline in contaminations was accompanied by a sharp decline in the positivity rate tests, which stood at 0.8%, the lowest rate since the beginning of community circulation of the virus in Morocco. While noting the recording of a reproduction index at less than 1 for 52 days, Mr. Mrabet reported a considerable drop in the number of serious cases in intensive care units for the sixth consecutive week, with 63 patients. last week, while 83 others were discharged from hospital following their condition improved. Deaths, too, continued to see a significant drop, with 22 cases in the past week, down 44% from the week before, it continued. As for the national vaccination campaign, the rate of people who took the first dose reached 67.5%, once morest 63.4% for those who received the second dose, while 16.3% received the dose. booster, according to the Ministry of Health and Social Protection. Mr. Mrabet reiterated the appeal of the Ministry of Health and Social Protection to all citizens to continue the rapid and massive adherence to the national vaccination campaign by receiving the three doses of the vaccine.
The budget deficit widens to 11.5 billion dirhams at the end of February
written by Alexandra Hartman Editor-in-Chief
The budget deficit widened at the end of February 2022 and in comparison with the same period of 2021, according to figures published by the General Treasury of the Kingdom (TGR).
Indeed, “on the basis of revenue collected and expenditure issued, the situation of Treasury expenses and resources shows a budget deficit of 11.5 billion dirhams (MMDH) at the end of February 2022 once morest a budget deficit of 10.2 billion dirhams a year ago,” the General Treasury recently announced.
In its monthly bulletin of public finance statistics (BMSFP) for the month of February 2022, the TGR specifies that this deficit takes into account a positive balance of 13.6 billion dirhams generated by the special accounts of the Treasury (CST) and the services of the State managed autonomously (SEGMA).
According to data collected by the TGR, gross ordinary revenue (excluding tax refunds, reliefs and refunds) increased by 7.2% equivalent to +2.6 billion dirhams, thus standing at 38. 8 billion dirhams once morest 36.2 billion dirhams at the end of February 2021.
In its statistics bulletin, the Treasury attributes this improvement to “the increase in direct taxes by 3.1%, customs duties by 13.8%, indirect taxes by 14.2% and registration fees and stamp duty of 9%, combined with the drop in non-tax revenue of 20.8%”.
The same document specifies that gross tax revenue stood at 36.6 billion dirhams once morest 33.4 billion dirhams at the end of February 2021, an increase of 9.6% equivalent to +3.2 billion dirhams, thanks to the increase in customs revenue of 17.2% and domestic taxation of 4.7%.
Over the same period, non-tax revenue, on the other hand, fell by 20.8% (-586 MDH), to settle at 2,233 MDH once morest 2,819 MDH a year earlier.
According to the TGR, this decline is explained in particular by “the reduction in revenue from debt expenditure mitigation (269 MDH once morest 752 MDH) and the gas pipeline fee (-104 MDH), combined with the increase payments from special Treasury accounts for the benefit of the general budget (553 MDH once morest 302 MDH) and revenue from monopolies (814 MDH once morest 614 MDH)”.
Analyzing this time the evolution of expenditure issued under the General Budget, the General Treasury indicates that it reached 72.6 billion dirhams at the end of February 2022. This evolution (7.5% compared to their level at the end of February 2021) comes from “the 21% increase in operating expenditure, combined with the 2.5% decrease in investment expenditure and 15% in budgeted debt charges”, according to his explanations.
It should be noted that the 15% decrease in budgeted debt charges is explained by the 20.3% drop in principal repayments (8.6 billion dirhams once morest 10.8 billion dirhams) and 2.5% in debt interest (4,455 MDH once morest 4,570 MDH), as noted by the TGR in its bulletin.
Addressing the situation of expenditure commitments (including those not subject to prior commitment approval), the General Treasury notes that these amounted to 121.9 billion dirhams during the same period, representing an overall commitment rate of 22% once morest 23% at the end of February 2021. While the issue rate on commitments was 69% once morest 68% a year earlier, she continues.
With regard to the receipts of the special accounts of the Treasury, the figures collected show that they reached 25.2 billion dirhams, indicates the General Treasury. And to specify that they “take into account the payments received from the common investment charges of the general budget for 11.1 billion dirhams once morest 10.5 billion dirhams at the end of February 2021”. Expenses issued, for their part, were 11.8 billion dirhams.
In its statistics bulletin, the TGR specifies that they include the part of the CST in respect of reimbursements, reliefs and tax refunds for 485 MDH. And to note that the balance of all the special accounts of the Treasury amounts to 13.4 billion dirhams.
Finally, it emerges from the same bulletin that “revenue from autonomously managed State services was 206 MDH once morest 181 MDH at the end of February 2021, up 13.8%”. While the expenses were 16 MDH at the end of February 2022 once morest 5 MDH a year earlier, an increase of 220%, said the TGR.
Alain Bouithy