Morocco expects foreign debt downsizing to $ 15.3 bln

Morocco said it will downsize its foreign debt to $ 15.3 billion at the end of the year.

The North African country's debt stood at $ 18 billion at the end of 1999 and 22.5 billion in 1995.

Economy, finance, privatization and tourism minister, Fathallah Oualalou, who made the announcement, said for the first time drought, which hit Morocco in the past two years, did not have "very negative counter-performance."

He told the Moroccan second TV channel 2M that the agriculture Gross Domestic Product (GDP) fell by 15% this year against 20% last year.

Oualalou said the 2001 appropriation bill that he will present this Monday to the house of representatives (lower house of parliament) will be "spurring" and will seek to consolidate the GDP autonomy vis-a-vis agriculture.

Agriculture employs half of a ten million workforce and accounts for 20 % of Morocco's GDP.