The Court of Auditors has made public its reports for the years 2019 and 2020. In 2020, the court carried out control missions in particular, concerning this pension sector, focusing mainly on the systemic reform of the pension schemes in force and extending coverage to self-employed workers. She thus pointed out several limits in the various pension schemes and alerted to their long-term viability.
Civil Pensions Scheme – CMR: Concerning the civil pension scheme of the Moroccan Pension Fund (RPC-CMR), the Court of Auditors warns of the liquidity risk which weighs on this scheme from 2023. Despite the parametric reform of 2016, the reserves incur the risk exhaustion by 2026, notes the CC. However, the reform made it possible to extend the plan’s viability horizon from 2021 to 2027, reduce the cumulative deficit up to 2065 by nearly 57% and make it possible to rebalance the plan by 2078, also notes jurisdiction. This also calls into question the weight of the regime’s implicit debt, which reached 415 billion DH in 2019. This situation “continues to weigh heavily on its financial situation and makes systemic reform inevitable”.
RCAR: As for the general scheme of the Collective Retirement Allowance Scheme (RCAR), although it does not experience short-term viability problems, the technical deficit (registered since 2004) will widen further to reach 53.6 billion DH on the projection horizon of the next 60 years, also underlines the CC. Thus, this plan might experience its first deficit from 2028, when the reserves will begin to decline to finance its benefits. Its implicit debt is estimated at 184 billion dirhams in 2019.
CNSS: For this plan, the actuarial studies show a technical deficit of the plan (long-term branch) from 2029, and in the absence of corrective measures, the reserves would be exhausted in 2046. Uncovered commitments, on a projection of 60 years, by the social insurance scheme reaching an updated amount of 364 billion DH.
