Morocco is cutting back. The government will slash its 2013 investment spending by at least $1.2 billion to keep the budget deficit close to 5.5 percent of gross domestic product as promised to international lenders, according to an official document, reports The Gulf Daily News.
Moroccan Prime Minister Abdelilah Benkirane has announced a final deadline for all government departments for new state investments, stated the document.
International lenders have been pressuring Morocco to repair its public finances which was hit by the Arab spring revolts, the euro zone crisis and drought.
But Morocco must also balance growth and social stability in the north African kingdom, a place where people are accustomed to heavy public spending.
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