Morocco's debt downsized, minister

Morocco said that its external debt has been significantly reduced, its share of the Gross Domestic Product (GDP) having stood at 50 per cent at the end of 2000.

The statement was made by economy, finance, privatization and tourism minister, Fathallah Oualalou, at a meeting with a visiting delegation of the socialist group at the European parliament.

Morocco managed to downsize its foreign debt mainly thanks to debt swapping accords, concluded with France, Spain and Italy, Oualalou said.

The minister had said last fall that Morocco's debt would be decreased to $ 15.3 billion at the end of 2000 from $ 18 billion at the end of June 1999. The debt was standing at 22.5 billion in 1995.

Oualalou urged the European Union "to take in charge Morocco's external debt as it does with other issues."