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Report: Morocco cuts public subsidies by more than half in 2015

Xinhua, July 30, 2016 Adjust font size:

Morocco's spending on cooking gas and sugar subsidies fell by more than half in 2015, local media reported Friday.

The Moroccan government spent an equivalent of 1.2 billion U.S. dollars on subsidies in 2015, down from 2.76 billion dollars in 2014, financial daily L'Economiste said, citing a statement by the Moroccan Subsidy Fund.

In 2013, Morocco started cutting subsidies in what is believed to be one of the most successful subsidy reforms in the Middle East and North Africa.

In September 2013, as a result of government subsidy cuts diesel prices jumped 8.5 percent and gasoline prices rose by 4.8 percent.

In early 2014, subsidies on gasoline and industrial fuel were eliminated, and diesel subsidy was reduced.

The subsidy reform in Morocco has contributed significantly to reducing its deficit from 7.2 percent of GDP in 2012 to 4.3 percent in 2015. Endit