The North African country received numerous loans from several international institutions in 2019.
Rabat – Morocco’s external debt reached MAD 334.96 billion ($34,366 million) by the third quarter of 2019, the public external debt statistical bulletin September 2019 announced.
The Ministry of Economy, Finance, and Administration Reform shared the statistics document on December 31, 2019.
The statistics show that the North African country has faced with heavy external debt throughout the six past years.
The statistics indicated that already Morocco faced an external debt of more than $30 billion in 2014.
The external debt increased gradually throughout the six last year to reach nearly $36 billion in 2017. National debt reached more than $35 billion in the second quarter of 2019, to move downward slightly to $34,366 million by the third quarter.
Morocco has received numerous loans from international institutions, including the World Bank.
In November 2019, the bank announced that it had approved a new $300 million loan to support the strengthening of “Morocco’s municipalities” as part of Morocco’s reforms to upgrade public administrations.
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The bank also loaned Morocco $500 million to promote Morocco’s education sector less than a month ago.
In December 2019, Morocco received several other loans, including $150 million from France, €100 million from the African Development Bank, and €401.5 million from the EU Investment Bank.
Top bankers in Morocco have warned about the increasing external debt, including Abdellatif Jouahri, the governor of Morocco’s central bank, Bank al-Maghrib.
