Morocco's external debt declined by 9% in 2004, minister

Morocco's external debt stood at MAD 115 billion (MAD 1 = Euro 0.1) in 2004, against MAD 126 billion in 2003, i.e. a decline of 9%, announced, in Rabat Wednesday, the Minister of Finance and Privatization, Fathallah Oualalou.

Speaking at a press conference, Oualalou said the Treasury external debt reached the amount of MAD 70.5 billion (61% of the total debt), while that of the public institutions, which the State guarantees, stood at MAD 44.7 billion (39%).

The external debt rate, the minister went on, was cut down to 26.1% of the GDP, thus losing 4 points in comparison to 2003. The rate, with regard to the current receipt of the balance of payment, was reduced to 61% in 2004 against 70% a year before.

This regression, explained the minister, is due to the negative net flow of external debts, and the regression of the US Dollar exchange rate against the Moroccan Dirham.

The Moroccan official said international institutions represent 42% of Morocco's creditors; bilateral creditors represent 41%, while commercial banks represent 17% of the kingdom's creditors.

As for the internal debt, the minister pointed out, it stood at MAD 224.1 billion in 2004 against MAD 211.5 billion in 2003, thus representing 50.7% of the DGP i.e. a slight increase of 0.2% in comparison to 2003.