Morocco Internal Debt Exceeds $60 Billion

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. (Reuters)
A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. (Reuters)
TT

Morocco Internal Debt Exceeds $60 Billion

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. (Reuters)
A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017. (Reuters)

Morocco’s government internal debt reached MAD571.1 billion (USD60.1 billion) at the end of November, witnessing an increase by 4.1 percent since the beginning of the year.

The internal debt now makes up 50.1 percent of the GDP.

According to the Public Treasury's report, this hike resulted from the government’s obtaining of new loans worth MAD107 billion (USD11.3 billion) and paying debts of MAD84.5 billion (USD8.4 billion) during this period.

This resulted in a balance of MAD22.5 billion (USD2.4 billion).

Based on the due date, Morocco’s internal debt represents 88.4 percent of debts payable in more than five years compared to 85 percent of debts that fall under the same category, last year.

Further, debts payable in 15 years rose to around 40 percent by the end of November compared to 35.9 percent in the beginning of the year.

During this period, the government proceeded with managing the internal debt through replacing short- and medium-term loans with medium- and long-term ones.

In this context, the government withdrew loans worth MAD34 billion (USD6.53 billion) through issuing bonds of terms ranging between 5-30 years to pay their equivalent of loans payable in less than five years.



Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
TT

Riyadh to Host 3rd Edition of Saudi Tourism Forum Under the Slogan ‘To Discover’

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Riyadh is set to host the third edition of the Saudi Tourism Forum from January 7 to 9 at Roshn Front.

Organized in partnership with the Ministry of Tourism, the Saudi Tourism Authority, and the Tourism Development Fund, the event will run under the theme "To Discover."

This year’s forum serves as a dynamic platform to highlight new and unique tourist destinations across the Kingdom, offering visitors innovative experiences while showcasing Saudi Arabia’s diverse tourism potential. With over 100 exhibitors, the forum provides an expansive space to explore the latest developments in the tourism sector, spotlight major investment projects, and foster skill development and partnerships to drive tourism growth.

Chief Executive Officer of 4M Event and Chairman of the Forum’s Organizing Committee Eng. Hamza Nasser emphasized the forum’s role in advancing collaboration within the tourism sector. "Through the forum, we aim to promote the beauty of Saudi tourist destinations, enhance cooperation among stakeholders, and raise awareness about investment and development opportunities. This aligns with the goals of the Kingdom’s Vision 2030,” he said.
Since its inception, the Saudi Tourism Forum has significantly advanced efforts to promote the Kingdom's rich cultural heritage and distinctive tourist sites. Supported by prominent partners and sponsors, the event underscores a shared commitment to developing this vital sector.
The program will feature a variety of seminars and workshops, offering insights into the latest trends and developments in tourism. Attendees will have the opportunity to engage with keynote speakers, decision-makers, and industry professionals, enhancing their skills and knowledge.
The forum is expected to attract a diverse audience, including business leaders, investors, officials, and dignitaries, creating fertile ground for collaboration and partnerships.