The Moroccan Ministry of Treasury intends to launch a $500 million borrowing program throughout international financial markets, according to Al-Hayat daily. A source in the Ministry revealed that since the timing of the move is based on the status of international markets, the program would most likely be postponed until markets improve.
The same source added that Morocco has already chosen the banks from which financial and legal consulting is to be received for the loan, which include the American Merrill Lynch bank, British J.P Morgan, the French Pariba De National and the German Commerce Bank.
Meanwhile, it is reported that Morocco currently has foreign debts to Italy amounting to $330 million. Of this amount, $50 million was recently written off by Rome, though previously, Italy had planned to convert the debt into stock holdings, but preferred instead to relieve Morocco altogether of this debt portion. –(MENA Report)
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