Morocco’s foreign debt drops, World Bank to loan $450 million
A recently published report by the World Bank reveals that Moroccan foreign debts have declined to $15 billion in the current year, and now account for 55 percent of the country’s GDP. This reflects a significant drop over the past few decades, whereas in the 1970s, the Moroccan foreign debt amounted to nearly 69 percent of its GDP.
Although Morocco’s foreign debt is dropping, it is considered high, and social conditions in the country remain poor, with approximately 3.5 million people living below the poverty line. To help alleviate the problem, the World Bank recently approved a $450 million loan package to Morocco to be distributed over the next three years. The loan will be mainly used to reduce the country’s rampant poverty. —(MENA Report)
© 2001 Mena Report (www.menareport.com)