Lekjaa denounces ‘predatory capitalism’ and pursuit of quick profits in Morocco

Morocco’s Economy and Finance Minister Fouzi Lekjaa said Friday that the country had moved away from the essence of the social state in recent years, arguing that the separation of economic and social policies had contributed to monopolies, quick, excessive profits, and rent-seeking.

Speaking during a joint plenary session of parliament devoted to presenting the 2027 Finance Bill, Lekjaa said the growing use of the term “social state in public discourse had not translated into the expected outcomes.”

He said social policies sought to improve citizens’ living conditions through major spending, while economic policies prioritized market dominance without safeguards, regulation or government intervention.

Lekjaa argued that this approach had contributed to the spread of a culture of quick and excessive profits, as well as rent-seeking, monopolies, and what he described as “parasitic intermediation.”

He said that “these practices are commonly referred to in economic and political discourse as predatory capitalism or neoliberalism,” adding that they had been among the causes of tensions in many parts of the world.

Lekjaa also criticized opposition MPs who accused the government of breaking its electoral promises before the 2027 Finance Bill had been submitted to parliament.

He questioned how MPs could make such claims without having seen the bill, adding that the government could not be expected to fulfill all its campaign promises at the start of its five-year term.

Lekjaa also called on them to stop encouraging young people to spread what he described as false claims on social media about the government abandoning its promises.