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Morocco's domestic debt rose by 4.1 percent to reach 541 billion dirhams ($59 billion) during the first half of this year, accounting for nearly half of the GDP.
According to a report by the Ministry of Finance and Economy, Public Treasury borrowed 28 billion dirhams from the local capital market until the end of July, compared to about 30 billion dirhams during the same period of last year. The treasury's total domestic debt settlements during the seven months equal to about 43.6 billion dirhams and new loans raised were worth 64.7 billion dirhams, which were used to finance the budget deficit estimated at 3.5 percent of GDP.
Morocco's debt is estimated at 81 percent of GDP, including debts owed to public sector companies such as roads, ports, airports, water, electricity, renewable energies, railways, and others. Treasury only accounts for debts of the state budget, which are about 64 percent of GDP and is considered as the formula adopted by the International Monetary Fund, which urges the government to reduce debt to 60 percent by 2021.
Source: (Al Hayat Newspaper, Edited)