Morocco’s Internal Debt Touches $59 Bln

File photo of a police officer standing near a Moroccan national flag in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
File photo of a police officer standing near a Moroccan national flag in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
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Morocco’s Internal Debt Touches $59 Bln

File photo of a police officer standing near a Moroccan national flag in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh
File photo of a police officer standing near a Moroccan national flag in Agadir, December 10, 2013. REUTERS/Amr Abdallah Dalsh

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.



Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.