A recent report by the World Bank reveals that Morocco’s foreign debt has declined to $15 billion this year, currently accounting for 55 percent of the kingdom’s GDP.
This reflects a significant drop from the 1970s when foreign debt amounted to nearly 69 percent of the country’s GDP. The North African country's debt stood at $18 billion at the end of 1999 and $22.5 billion in 1995.
Although Morocco’s foreign debt is dropping, it is still considered high, and social conditions in the country remain poor, with approximately 3.5 million of Morocco’s 29-million population, living below the poverty line.
In order to alleviate the country’s rampant poverty, the World Bank recently approved a $450 million loan package to Morocco, which is to be granted gradually over a period of three years. — (MENA Report)
© 2001 Mena Report (www.menareport.com )