Morocco's foreign debt stands below $17 billion

The Moroccan foreign debt was brought down to below $17 billion when it stood at $18 billion in mid-January, Finance and Economy Minister Fathallah Oualalou told the economic weekly "La Vie Economique."

The main target, he said, is to scrap about one billion usd every year of the debt incurred mostly with France, Spain and Italy.

Early this year, Premier Abderrahmane Youssoufi had said his government managed within two years to reduce foreign debt from $22 to 18 billion.

During the state visit of King Mohammed VI to Italy this week, an agreement was passed to swap $100 million of the Moroccan debt into development investments in the kingdom.