Casablanca – Compared to last year, Morocco’s public external debt rose by 3.8% to MAD 388.1 billion ($37.4 billion) in the first quarter of 2022, up from MAD 373.7 billion ($36 billion) at the end of March 2021, the Ministry of Finance revealed in a recent report.
Total debt drawdowns stood at MAD 3.9 billion ($376.2 million) at the end of March 2022, down 55% from the same period in 2021, when they reached MAD 8.6 billion ($836.6 million), the report noted.
Morocco’s General Treasury (TGR) raised MAD 2.6 billion ($252.9 million) in these withdrawals, with MAD 1.3 billion ($126.4 million) going to Public Establishments and Enterprises (EEP).
The TGR’s portion of the public debt reached 54% during the same period, which is a relatively steady number when compared to the first quarter of last year, when it accounted for 53.8% of the public debt.
Read also: Morocco’s External Debt Stock Up by 19% in 2020
The overall debt service was MAD 5.5 billion ($535 million) at the end of March 2022, up 4.1% from the same period in 2021, when it was MAD 5.3 billion ($515 million). Of this, the TGR paid MAD 2.6 billion ($252.9 million) while the EPP paid MAD 2.9 billion ($282 million), according to the report.
The report also indicates that the TGR and EPP’s primary expenditure was MAD 4.2 billion ($408.5 million) at the end of March 2022, up 10.2% from the same period in 2021.
Meanwhile, data compiled by the Finance Ministry show that interest expenditures totaled MAD 1.3 billion ($126.4 million), down 11.9% compared to the same period last year.
According to the ministry’s predictions, interest expenditures would only drop from 2023 to 2029, reaching MAD 4,455 million ($433,402).
Notably, the ministry’s report confirms that, compared to last year, the structure of public debt by creditors had not changed considerably by the end of March 2022.
