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Morocco’s Internal Debt Touches $59 Bln

Morocco’s Internal Debt Touches $59 Bln

Saturday, 15 June, 2019 - 10:30
File photo of a police officer standing near a Moroccan national flag in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
Casablanca - Lahcen Mokena
Data released by Morocco’s General Treasury revealed that the Kingdom’s internal debt, after experiencing a 2.2 percent hike since the start of 2019, stood at 561 billion dirhams ($59.05 billion) last May. 

The rise was traced back to the treasury resorting to withdraw a net amount of 8.7 billion dirhams ($915.8 million) from the Kingdom’s tender market as investors signed new bonds worth 55.5 billion dirhams ($5.85 billion) and 46.8 billion dirhams ($5 billion).

Whilst implementing this year’s general budget, the government experienced a funding shortage of 24.7 billion dirhams ($2.6 billion). This shortfall was financed by borrowing from the local financial market at 19.3 billion dirhams ($2.03 billion), while 5.5 billion dirhams (580 million dollars) was raised through foreign borrowing.

As for foreign debt, the government borrowed 9.5 billion dirhams ($1 billion), distributed between the World Bank at 7.1 billion dirhams ($747.4 million) and Arab Development Bank at 2.3 billion dirhams (242 million dollars).

The total debt of the Moroccan government stands at 720 billion dirhams ($76 billion), 78 percent of which is in internal debt and 22 percent in external debt.

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