Morocco says Moroccan debt stands at $19.5 billion, not $23 billion

The Moroccan Finance Ministry said last week that Moroccan external debt stood at the end December 1997 at $19.5 billion.

The finance and economy minister reacted to the chairman of the Paris Club, who said that Morocco has an external debt of $23 billion. The ministry said the figure of $23 billion was a ceiling reached in 1995, but that was reduced to $21.7 billion in 1996 and $19.5 billion in 1997.

The statement also said Morocco's external debt is divided into $13.4 billion of the treasury's debt, $5.7 billion in guaranteed debt contracted by public institutions and $400 million in private debts.

The Paris club holds $8.7 billion of Morocco's debt (45 % of the total) while multilateral financial institutions' share stands at $6.1 billion.