Moroccan foreign debt worth $18 billion US

Morocco's foreign debt stood at $18.3 billion in 1998, recording a 6.7 % decrease, the finance and economy department disclosed Tuesday.

Standing for minister Oualalou at question time, Housing Minister Mohamed M'Barki said the government is dealing with foreign debts trying to talk the "Club de Paris" into raising from 20 to 30% the level of amounts to be swapped into investment. An agreement of principle to reprocess part of the foreign debt has been marshalled, he said.

The World Bank accounts for 18% of the Moroccan debt with $3.3 billion and France for 14% with $2.5 billion. Then comes the African Development Bank with $1.4 billion and 8% followed by the United States with $1 billion and 6% of the total debt.