Morocco debts hit US$20 billion

Published January 6th, 2011 - 11:08 GMT
Morocco king
Morocco king

Morocco is set to return to the international financial market to finance part of its deficit which is estimated at 3.5 percent of the gross domestic product, following an advice from international financial institutions.

According to a recent report by the Ministry of Finance and Economy, the kingdom's foreign debt last year reached some 163 billion dirhams (20 billion dollars), up from 152 billion dirhams (18.5 billion dollars) in 2009. The report revealed that the international financial institutions granted Morocco 52 percent of the total foreign loans used to finance infrastructure projects, while the European Union granted 26 percent of those loans. The report stressed that the debt owed by the Moroccan Treasury does not exceed US$10 billion. The other components of the debts include loan guarantees for a number of companies and public institutions.

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