RABAT, June 9 (Xinhua) -- The Moroccan government on Thursday ordered a 1.75-billion-U.S dollar subsidy increase on wheat, sugar and cooking gas, in addition to 1.8 billion dollars already earmarked in the annual budget.
The decree was adopted in an effort to stabilize domestic prices for these products, government spokesperson Mustapha Baitas told reporters following the weekly cabinet meeting.
The move came in response to price surges of the relevant products in the global market during the first five months of 2022, he added.
Morocco, which ended diesel and gasoline subsidies in 2015, re-installed a fuel aid mechanism this year amounting to 170 million dollars by June for transport operators, mainly trucks and taxi drivers.
According to the World Bank, Morocco's economic growth is projected to slow to 1.1 percent in 2022, as agricultural output declined by 17.3 percent due to the drought. ■