ⵉⵙⵙⵉⵅⴼ ⵓⵏⵙⵙⵉⵅⴼ ⵏ ⵜⵏⴱⴰⴹⵜ ⵢⴰⵏ ⵓⵙⴷⴷⵉ ⵏ ⵉⴳⵔⴰⵡⵏ ⵏ ⵓⴹⴼⵉⵕ ⵏ ⵜⴱⵔⵉⴷⵜ ⴳ ⵉⴳⵔ ⵏ ⵓⵙⵡⵓⵔⵉ

ⵉⵙⵙⵉⵅⴼ ⵓⵏⵙⵙⵉⵅⴼ ⵏ ⵜⵏⴱⴰⴹⵜ ⵎⴰⵙⵙ ⵄⴰⵣⵉⵣ ⴰⵅⵏⵏⵓⵛ ⴰⵙⵙ ⵏ ⵓⵙⵉⵏⴰⵙ 08 ⵢⵓⵍⵢⵓⵣ 2025 ⵢⴰⵏ ⵓⵙⴷⴷⵉ ⵏ ⵉⴳⵔⴰⵡⵏ ⵉⵥⵍⵉⵏ ⵙ ⵓⵙⵡⵓⴷⴷⵓ ⴷ ⵓⴹⴼⵉⵕ ⵏ ⵜⴱⵔⵉⴷⵜ ⴳ ⵉⴳⵔ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⵓⴱⴷⴷⴰⴷ ⵅⴼ ⵎⴰⵏⵉ ⵜⵉⵡⴹ ⵜⵡⵓⵔⵉ ⴳ ⵎⵏⵉⴷ ⴰⴷ. ⵙⵎⵏⵉⴷⵏ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⵉⵖⴰⵡⴰⵙⵏ ⵙⵔⵙⵏ ⵉⵥⵍⵉⵏ ⵉⵕⵚⴰⵏ ⵅⴼ ⵓⵎⵙⴰⵙⴰ ⵏ ⵉⵖⴰⵡⴰⵙⵏ ⴷ ⵓⵣⴷⴷⵓⵢ ⵏ ⵜⴽⵛⵛⵓⵎⵉⵏ ⵏ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⵙ ⵜⵡⵉⵙⵉ ⵏ ⵉⴳⵔ ⵉⵎⵥⵍⵉⵢ ⵏ ⵓⵎⵓⵍⵍⵉ ⴰⵎⴰⵜⴰⵢ ⵏ ⵜⵎⵙⵙⵏⵜⴰⵢ ⵏ ⵍⵎⵖⵔⵉⴱ ⴳ ⵜⴷⵉⵏⴰⵎⵉⵜ ⴰⴷ ⵙ ⵓⴷⵔⴰⵡ ⴷ ⵉⴳⵔⴰⴳⴷⵓⴷⴰⵏ.
ⴳ ⵜⵣⵡⵉⵔⵉ ⵏ ⵓⴳⵔⴰⵡ ⴰⴷ, ⵉⵍⵍⴰ ⵓⵙⴷⴷⵉⴷ ⵅⴼ ⵡⴰⵜⵉⴳ ⵏ ⵓⵙⵙⴰⵔⵓ ⵉⵎⵥⵍⵉⵢ ⴷ ⵓⵙⴷⵓⵙ ⵏ ⵜⵉⵥⴹⴰⵕ ⵏ ⵜⵎⵙⵙⵏⵜⴰⵢ ⵜⵉⵎⵥⵢⴰⵏⵉⵏ ⴱⴰⵀⵔⴰ ⴷ ⵜⵎⵥⵢⴰⵏⵉⵏ ⴷ ⵜⵏⴰⵎⵎⴰⵙⵙⵉⵏ ⴳ ⵓⵙⵓⴷⴼ ⵙ ⵉⵖⴰⵡⴰⵙⵏ ⵏ ⵜⵡⵉⵙⵉ ⴷ ⵓⵙⴱⵓⵖⵍⵓ ⵏ ⵜⵎⵙⵙⵓⴳⴰⵔ ⵏⵏⵙⵏⵜ ⵏ ⵓⵙⵡⵓⴷⴷⵓ ⴷ ⵓⵙⵡⵓⵔⵉ. ⵖⵉⴽⵍⵍⵉ ⵉⵍⵍⴰ ⵓⵎⴹⴰⴽⴰⵕ ⵅⴼ ⵜⵖⴰⵔⴰⵙⵉⵏ ⵡⴰⵍⴰⵢ ⵏ ⵉⵣⵎⴰⵣ ⵏ ⵓⵙⵡⵓⵔⵉ ⴳ ⵉⵚⵏⴼⴰⵔⵏ ⵉⵅⴰⵜⴰⵔⵏ, ⵙⵍⴰⵀⴰⵡ ⴰⴽⴽⵯ ⵡⵉⵍⵍⵉ ⵉⵥⵍⵉⵏ ⵙ ⵜⵓⵚⴽⴰ ⴷ ⵜⵡⵓⵔⵉⵡⵉⵏ ⵜⵉⴳⴷⵓⴷⴰⵏⵉⵏ.
ⵉⵍⵍⴰ ⴰⵡⴷ ⵓⵎⴹⴰⴽⴰⵕ ⵅⴼ ⵓⵙⵉⴷⴼ ⴰⵣⵣⵓⵍⴰⵏ ⴷ ⵓⵙⴷⵓⵙ ⵏ ⵜⵎⵙⵙⵓⴳⴰⵔ ⴷ ⵓⵙⴱⵓⵖⵍⵓ ⵏ ⵓⵙⵡⴰⵍⴰ ⴰⵣⵣⵓⵍⴰⵏ ⵍⵍⵉ ⵉⴳⴰⵏ ⵢⴰⵜ ⵖ ⵜⵎⵣⵡⵓⵔⴰ ⵜⵉⵙⵜⵕⴰⵜⵉⵊⵉⵏ ⵏ ⵜⵏⴱⴰⴹⵜ ⵃⵎⴰ ⴰⴷ ⵢⵉⵍⵉ ⵓⵙⵖⵓⴷⵓ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⵓⵙⴱⴷⴷⵉ ⵏ ⵜⴰⵔⵡⵓⵔⵉ ⵏ ⵉⵄⵔⵔⵉⵎⵏ. ⵢⵉⵍⵉ ⴰⵡⴷ ⵡⴰⴽⴰⵎ ⵏ ⵓⵙⵡⵓⵔⵉ ⴳ ⵓⵎⴰⴹⴰⵍ ⴰⴼⴰⵔⴰⵏ ⴷ ⵓⵙⴷⵓⵙ ⵏ ⵜⵎⵖⴰⵔⵉⵏ ⴷ ⵓⵙⵔⵅⵓ ⵏ ⵓⵙⵉⴷⴼ ⵏⵏⵙⵏ ⵙ ⵜⵡⵓⵔⵉ ⵙ ⵓⵙⵙⵓⵊⴷ ⵏ ⵜⵉⵍⵍⵉ ⵉⵜⵜⴰⵎⵣⵏ ⵜⴰⵣⴰⵏⵉⵏ. 
ⵉⵍⵍⴰ ⵓⵎⴹⴰⴽⴰⵕ ⴰⵡⴷ ⵓⵙⴱⵓⵖⵍⵓ ⵙ ⵏ ⵓⵙⵡⵓⵔⵉ ⵙ ⵓⵙⴷⵓⵙ ⵏ ⵓⵎⵙⴰⵙⴰ ⵏⴳⵔ ⴰⵙⵉⵔⴰ ⵏ ⵓⵙⵎⵓⵜⵜⴳ ⴰⵣⵣⵓⵍⴰⵏ ⴷ ⵓⵙⴱⵓⵖⵓ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⵜⵙⵏⵓⵔⴰⵢⵜ ⵜⴰⵏⴰⵎⵓⵔⵜ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⵜⵎⵙⵙⵓⴳⴰⵔ ⴷ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⴷ ⵜⵎⵙⵙⵏⵜⴰⵢ ⵙ ⵜⵖⵔⴰⵙⵜ ⵏ ⵓⵙⴷⵓⵙ ⵏ ⵓⵙⵎⵓⵜⵜⴳ ⴰⵙⵓⵍⴰⵏ ⵙ ⵓⵙⵙⵉⴳⵯⵜ ⵏ ⵓⵙⵎⵓⵜⵜⴳ ⵙ ⵜⵣⵣⵉⴳⵣⵜ ⵉ ⵡⵉⵍⵍⵉ ⵖⵓⵔ ⵓⵔ ⵍⵍⵉⵏ ⵉⴷⴱⵍⵓⵎⵏ ⵉⵔⵉⵏ ⴰⴷ ⵙⵉⴷⴼⵏ ⵙ ⵓⴳⴰⴷⴰⵣ ⵏ ⵓⵙⵡⵓⵔⵉ.
ⵙ ⵜⵎⵍⴷⴰ ⴰⴷ, ⵉⵜⵜⵔ ⵓⵏⵙⵙⵉⵅⴼ ⵏ ⵜⵏⴱⴰⴹⵜ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⴰⴷ ⵢⵉⵍⵉ ⵓⵖⴰⵡⵍ ⵏ ⵓⵣⵓⴳⴳⵣ ⵏ ⵉⵖⴰⵡⵙⵏ ⵏⵏⵙⵏ ⵉⵥⵍⵉⵏ ⵙ ⵜⴱⵔⵉⴷⵜ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⴰⴷ ⵢⵉⵍⵉ ⵓⵣⵣⵓⴳⵣ ⵏⵏⵙ ⵙ ⵓⵎⵙⴰⵙⴰ ⴳ ⵉⵡⵜⵜⴰⵙⵏ ⴷ ⵉⵣⵎⴰⵣ ⵍⵍⵉ ⵢⴰⵙ ⵉⵜⵜⴰⵡⵙⵔⴰⵙⵏ. ⵉⵏⵏⴰ ⵎⴰ ⵙ ⴷ ⵉⵇⵇⴰⵏ ⴰⴷ ⵜⵣⵣⵓⴳⴰⵣ ⵜⵡⵓⵔⵉ ⵙ ⵜⴷⵉⵏⴰⵎⵉⵜ ⴰⴷ ⴷⵜⴷⵔⴰⵡⵜ ⵃⵎⴰ ⴰⴷ ⵢⵉⵍⵉ ⵓⵙⵜⴰⵍ ⵏ ⵓⵚⵏⴼⴰⵕ ⴰⴷ ⵉⴳⴰⵏ ⴰⵎⵣⵡⴰⵔⵓ ⵖⵓⵔ ⵜⵏⴱⴰⴹⵜ.
ⵢⵉⵡⵉⵏ ⴷ ⴳ ⵉⴳⵔⴰⵡⵏ ⴰⴷ ⵎⴰ ⵙ ⵉⵖⵍⵉ ⵜⵙⵔⵉ ⵜⴰⴷⵎⵙⴰⵏⵜ ⵜⴰⵏⴰⵎⵓⵔⵜ ⴳ ⵓⴳⵣⵣⵓⵎ ⴰⵎⵣⵡⴰⵔⵓ 2025 ⵍⵍⵉⵖ ⵏⵏ ⵢⵉⵡⴹ 4,8% ⴷ ⵓⵖⵓⴷⵓ ⵏ ⵡⴰⴷⴷⴰⴷ ⵏ ⵓⴳⴰⴷⴰⵣ ⵏ ⵓⵙⵡⵓⵔⵉ ⵍⵍⵉⵖ ⵉⵍⵍⴰ 351.000 ⵏ ⵓⵣⵎⵣ ⵏ ⵜⵡⵓⵔⵉ ⴳ ⵉⵓⵎⵓⵙⵙⵓⵜⵏ ⵡⴰⵔ ⵉⵏⴼⵍⴰⵃⵏ ⵎⴰ ⵉⵜⵜⴳⴰⵏ 3 ⵏ ⵉⵙⵇⵇⵓⵍⵏ ⵍⵍⵉ ⵉⵜⵜⵣⵎⵎⴰⵎⵏ ⴳ ⵓⵙⴳⴳⵯⴰⵙ ⵏ 2024, ⴷ ⵓⵡⵔⵔⵉ ⵏ ⵜⴰⵔⵡⵓⵔⵉ ⵙ ⴷⴷⴰⵡ 0,4 ⵏ ⵜⵏⵇⵇⵉⵟ ⴳ ⵓⵙⵡⵉⵔ ⴰⵏⴰⵎⵓⵔ.
ⵉⵇⵇⴰⵏ ⴷ ⴰⴷ ⵏⵙⴽⵯⵜⵉ ⵎⴰ ⴰⵔ ⵜⵜⵓⵙⴽⴰⵔ ⵉⴳⵔⴰⵡⵏ ⵏ ⵜⵡⵓⵔⵉ ⵙ ⵓⵎⵙⴰⵙⴰ ⵏⴳⵔ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⴽⵓ ⵢⴰⵢⵢⵓⵔ ⵃⵎⴰ ⴰⴷ ⵢⵉⵍⵉ ⵓⵙⵜⴰⵍ ⵍⵍⵉ ⵔⴰⴷ ⵢⴰⵡⵙ ⴳ ⵓⵙⵎⵙⴰⵙ ⴷ ⵓⵣⴳⴳⵓⴳⵣ ⵉⵔⵡⴰⵏ ⵏ ⵉⵖⴰⵡⴰⵙⵏ ⵏ ⵉⴳⵔⴰⵏ ⵉⵎⴰⵡⵙⴰⵙⵏ ⵍⵍⵉ ⵉⵍⵍⴰⵏ ⴳ ⵜⴱⵔⵉⴷⵜ ⵏ ⵓⵙⵡⵓⵔⵉ.
ⵉⵃⴰⴹⵕ ⴳ ⵉⴳⵔⴰⵡⵏ ⴰⴷ ⵉⵙⵜ ⵎⴰⵙⵙⴰ ⴷ ⵉⴷ ⵎⴰⵙⵙ : ⵏⴰⴷⵢⴰ ⴼⵜⵜⴰⵃ ⵜⴰⵎⴰⵡⵙⴰⵙⵜ ⵏ ⵜⴷⴰⵎⵙⴰ ⴷ ⵜⵥⵕⴼⵜ ⴷ ⵏⵉⵥⴰⵕ ⴱⴰⵕⴽⴰ ⴰⵎⴰⵡⵙⴰⵙ ⵏ ⵓⵇⵡⵡⵎ ⴷ ⵡⴰⵎⴰⵏ ⴷ ⵎⵓⵃⵎⵎⴰⴷ ⴱⵕⵕⴰⴷⴰ ⴰⵎⴰⵡⵙⴰⵙ ⵏ ⵓⵙⴳⵎⵉ ⴰⵏⴰⵎⵓⵔ ⴷ ⵓⵙⵍⵎⴷ ⴰⵎⵏⵣⵓ ⴷ ⴰⵀⵎⴰⴷ ⵍⴱⵓⵡⵡⴰⵔⵉ ⴰⵎⴰⵡⵙⴰⵙ ⵏ ⵜⴼⵍⵍⴰⵃⵜ ⴷ ⵜⴳⵎⵉ ⵜⴰⵢⵍⴰⵏⵜ ⴷ ⵜⴳⵎⵉ ⵜⴰⴼⴰⵔⴰⵏⵜ ⴷ ⵡⴰⵎⴰⵏ ⴷ ⵜⴰⴳⴰⵏⵉⵏⴷ ⴷ ⵢⵓⵏⵙ ⵙⴽⵓⵔⵉ ⴰⵎⴰⵡⵙⴰⵙ ⵏ ⵓⵙⵉⴷⴼ ⴰⴷⴰⵎⵙⴰⵏ ⴷ ⵜⵎⵙⵙⵏⵉⵜⵉⵜ ⵜⴰⵎⵥⵥⴰⵏⵜ ⴷ ⵓⵙⵡⵓⵔⵉ ⴷ ⵜⵎⵙⵙⵓⴳⴰⵔ ⴷ ⴼⴰⵟⵉⵎⴰ ⵣⵣⴰⵀⵕⴰ ⵄⵎⵎⵓⵔ ⵜⵎⴰⵡⵙⴰⵙⵜ ⵏ ⵜⵎⴰⵍⵍⴰⵢⵜ ⴷ ⵜⵏⵉⴹⵉ ⴷ ⵜⴷⴰⵎⵙⴰ ⵜⴰⵏⴰⵎⵓⵏⵜ ⴷ ⵜⵏⵎⵢⴰⵍⴰⵍⵜ ⴷ ⵄⴰⵣⴷⴷⵉⵏ ⵎⵉⴷⴰⵡⵉ ⴰⵎⴰⵡⵙⴰⵙ ⵏ ⵓⵙⵍⵎⴷ ⴰⵏⴰⴼⵍⵍⴰ ⴷ ⵓⵔⵣⵣⵓ ⴰⵎⴰⵙⵙⴰⵏ ⴷ ⵉⵙⵍⵍⵡⵉ ⴷ ⴽⴰⵔⵉⵎ ⵣⵉⴷⴰⵏ ⴰⵎⴰⵡⵙⴰⵙ ⴰⵎⴰⵔⵉ ⵉⵜⵜⵓⵙⵎⴰⴳⴰⵍⵏ ⵙ ⵓⵙⵙⴰⵔⵓ ⴷ ⵓⵎⵙⴰⵙⴰ ⴷ ⵓⵙⵜⴰⵍ ⵏ ⵜⵙⵔⵜⴰⵢ ⵜⵉⴳⴷⵓⵏⵉⵏ ⴷ ⴷ ⴼⴰⵡⵣⵉ ⵍⵇⵊⵄ ⴰⵎⴰⵡⵙⴰⵙ ⴰⵎⴰⵔⵉ ⵉⵜⵜⵓⵙⵎⴰⴳⴰⵍⵏ ⵙ ⵜⵎⵙⴰⵙⵍⵜ ⴷ ⴰⵎⴰⵍ ⴼⵜⵜⴰⵃ ⵜⴰⵎⴰⵡⵙⴰⵙⵜ ⵜⴰⵎⴰⵔⵉⵜ ⵉⵜⵜⵓⵙⵎⴰⴳⴰⵍⵏ ⵙ ⵓⵎⵓⵜⵉ ⴰⵎⴰⵟⵟⵓⵏ ⴷ ⵓⵙⴳⴳⴷ ⵏ ⵜⵎⵙⵙⵓⴳⵓⵔⵜ ⴷ ⴰⴷⵉⴱ ⴱⵏⴱⵕⴰⵀⵉⵎ ⴰⵎⴰⵔⵉ ⵏ ⵓⵡⴰⵏⴽ ⵉⵜⵜⵓⵙⵎⴰⴳⴰⵍⵏ ⵙ ⵓⵣⴷⴷⵓⵖ ⴷ ⵍⵃⵙⵏ ⵙⵙⵄⴷⵉ ⴰⵎⴰⵔⵉ ⵏ ⵓⵡⴰⵏⴽ ⵉⵜⵜⵓⵙⵎⴰⴳⴰⵍⵏ ⵙ ⵜⵏⵉⴹⵉ ⴷ ⵜⴷⴰⵎⵙⴰ ⵜⴰⵏⴰⵎⵓⵏⵜ ⴷ ⵜⵏⵎⵢⴰⵍⴰⵍⵜ ⴷ ⵍⴰⵢⵍⴰ ⵃⵎⵎⵓⵛⵉ ⵜⴰⵏⴱⴱⴰⴹⵜ ⵜⴰⵏⵎⵀⴰⵍⵜ ⵏ ⵜⵏⵓⴼⴰ ⵜⵉⴳⴷⵓⴷⴰⵏⵉⵏ ⵜⵉⴼⴰⵔⵏⵉⵏ ⴳ ⵜⵎⴰⵡⴰⵙⵜ ⵏ ⵓⴳⵯⵏⵙ ⴷ ⵜⴰⵡⴼⵉⵇ ⵎⵛⵔⵉⴼ ⴰⵏⴼⵍⵓⵙ ⴰⵎⴰⵜⴰⵢ ⴳ ⵜⵎⴰⵡⵙⵜ ⵏ ⵜⵎⴳⵓⵔⵉ ⴷ ⵜⵙⴱⴱⴰⴱⵜ. ⵖⵉⴽⵍⵍⵉ ⵉⵃⴰⴹⵕ ⴰⵡⴷ ⴳ ⵉⴳⵔⴰⵡⵏ ⴰⴷ ⵉⴳⵎⴰⵎⵏ ⴳ ⵓⵎⵎⵓⵍⵉ ⵏ ⵜⵎⵙⵙⵏⵜⴰⵢ ⵏ ⵍⵎⵖⵔⵉⴱ (CGEM ) ⴷ ⵓⵙⵉⵔⴰ ⵏ ⵓⵙⵎⵓⵜⵜⴳ ⴰⵣⵣⵓⵍⴰⵏ ⴷ ⵓⵙⴱⵓⵖⵓ ⵏ ⵓⵙⵡⵓⵔⵉ (OFPPT) ⴷ ⵜⵙⵏⵓⵔⴰⵢⵜ ⵜⴰⵏⴰⵎⵓⵔⵜ ⵏ ⵓⵙⵡⵓⵔⵉ ⴷ ⵜⵎⵙⵙⵓⴳⴰⵔ (ANAPEC) ⴷ ⵜⵙⵏⵓⵔⴰⵢⵜ ⵜⴰⵏⴰⵎⵓⵔⵜ ⵏ ⵜⵏⴽⵔⴰ ⵙ ⵜⵎⵙⵙⵏⵜⴰⵢⵜ ⵜⴰⵎⴰⵥⵢⴰⵏⵜ ⴷ ⵜⵏⴰⵎⵎⴰⵙⵜ Maroc PME.