Morocco’s Internal Debt Touches $59 Bln
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.