World News

Morocco: official warnings of the risk of bankruptcy threatening retirement pension funds

The financial difficulties that the retirement pension system suffers from in Morocco continue, as warnings of bankruptcy of the retirement pension funds will soon come true on the ground, in light of the government’s failure to find solutions to the issue, as a result of which the fate of millions of current and future retirees will remain unknown.

In this context, the Comprehensive Risks Coordination and Control Committee, which includes several official bodies and institutions, warned of the risk of bankruptcy that threatens retirement pension funds.

According to the local press, a statement by the aforementioned committee, which it issued after its meeting in Rabat, confirmed that “the main pension systems know a difficult financial situation, characterized in general by the magnitude of their implicit debts and the depletion of their reserves at different levels.”

The committee warned of the need to reach a normative reform of these systems to allow them to set a balanced tariff, in addition to absorbing large proportions of previous uncovered liabilities, thus restoring the financial balance in the future.

Moroccan Prime Minister, Aziz Akhannouch, acknowledged at the beginning of December that there are only 6 months left until the announcement of the bankruptcy of pension funds, which will inevitably increase the suffering of the Moroccan people who are drowning in poverty and debt, at a time when the profits of the Makhzen companies are increasing due to the plundering of the people’s wealth and the policy of Rent, bribery and corruption.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button