The demand for raw and manufactured sugar in Morocco rose in January-June 2023 by 19.3% compared to the same period in 2022, according to a report released this week by Morocco’s foreign exchange regulator, the “Office des Changes.”
The cost of importing sugar from outside of Morocco has increased by 837 million MAD in the same period – the value of imports went from 4.34 billion MAD to 5.18 billion MAD, continued the same source.
The Government aims to gradually end subsidies for common Moroccan products in the upcoming 2024 Appropriation Bill 2024, following the announcement of a Subsidy Fund Removal strategy.
The subsidy fund is a Moroccan public institution founded in 1941 to subsidize the prices of basic products: wheat, gas & oil, and sugar.
Sugar will be subject to subsidy cuts in the next bill, followed by wheat and gas.
The Government attributed this decision to the fact that such subsidies are a burden on the country’s budget.
Removal of these national subsidies began in 2016, when the subsidies for gas and oil were lifted during the Benkirane Administration.