Agadir – Morocco’s Treasury is expected to face a gross financing requirement of around MAD 144 billion ($15.7 billion) by the end of 2026, according to projections by Attijari Global Research (AGR).
The estimate translates into an average monthly financing need of approximately MAD 10.4 billion ($1.13 billion), reflecting the government’s overall funding needs throughout the year.
Gross financing requirement (GFR) refers to the total financing requirement needed by the state to cover its financial obligations during a given period of time.
It includes a combination of several factors, such as budget deficit, debt repayments, and any other forms of finance needed to cover government expenditure.
According to AGR’s projections, the MAD 144 billion ( ($15.7 billion) requirement is calculated based on two main components outlined in Morocco’s 2026 Finance Law.
The first is the remaining financing needed to cover the budget deficit and treasury arrears, estimated at MAD 45.8 billion ($5.0 billion).
The second component corresponds to the cumulative balance of treasury debt maturities expected by the end of 2026, which stands at MAD 98.3 billion ($10.7 billion).
The report explained that these treasury debt maturities include about MAD 85.1 billion ($9.27 billion) related to obligations on the domestic market, while roughly MAD 13.2 billion ($1.44 billion) concerns debt on international markets.
When combined with the deficit-related financing needs, these obligations bring the treasury’s total projected funding requirement for the year to approximately MAD 144 billion ($15.7 billion).
To cover the budget gap, the treasury plans to rely primarily on domestic financing, particularly through the issuance of bonds.
Under the 2026 Finance Law, around MAD 114.9 billion ($12.5 billion) is expected to be raised domestically, while MAD 29.2 billion ($3.18 billion) is projected to come from external financing sources.
AGR notes that this plan expected a total of MAD 31.4 billion ($3.42 billion) in external funding budgeted in the 2026 Finance Law.
Based on these assumptions, analysts estimate the gross domestic financing requirement at roughly MAD 10.4 billion ($1.13 billion) per month.
AGR concluded the report saying that such a level of borrowing remains manageable for the domestic financial market.
