Lekjaa moves up from budget minister to oversee the economy, finance and a new public efficiency brief. He also chairs the football federation, notable as Morocco co-hosts the 2030 men's FIFA World Cup with Spain and Portugal.
Previously an agronomy engineer and later a tax inspector, he entered El Mansouri's Authenticity and Modernity Party just a few months ahead of the election. King Mohammed VI appointed the government on Friday after last month's parliamentary vote.
Public efficiency is a fresh function inside the finance ministry. It may signal Morocco's bid to lift profitability and trim its bloated public sector.
The political backdrop also matters.
When leadership shifts matter to the economy, get clear context in the free Market Briefs newsletter each morning.
Lekjaa's plan is big on outlays - an extra 70 billion dirhams each year through 2031 to fund jobs, higher pay and pensions, and lower living costs. The funding path is tighter. Morocco can no longer rely on the so-called innovative financing tools - chiefly deals that transfer state property to local funds while committing to pay rent - which it has used since 2019 to limit borrowing. In 2025, those arrangements produced roughly $4.2 billion.
The 2027 budget bill is due to be presented next week. Meanwhile, as a net fossil fuel importer, Morocco has been feeling the strain from wars in the Middle East. After the war in Iran erupted in February, the central bank lifted its forecast for this year's current-account gap to more than twice the prior estimate. The International Monetary Fund this week urged Morocco to build resilience and ensure "fiscal policies are in line and appropriately consolidated" in the face of elevated energy costs and additional external headwinds.
Morocco's statistics agency HCP added a consumer reality check. Roughly 76% of households reported that living standards deteriorated during the 12 months ending in September, and over half anticipate further slippage by the close of the third quarter of 2027.
Follow two levers that drive Moroccan assets from here. First, how the state replaces asset sales to fund Lekjaa's pledges without leaning too hard on debt. Second, the World Cup buildout and the energy import bill, which ripple into inflation, rates and domestic demand.
Policy shifts and budget choices can feel complex, so sign up for free Market Briefs to stay grounded.
