Morocco’s budget deficit soars to 5.29 billion USD in first 10 months

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The headquarters of Morocco's central bank (Bank al-Maghrib) is seen in the capital Rabat. (Creative Commons / Gilgamesh
The headquarters of Morocco’s central bank (Bank al-Maghrib) is seen in the capital Rabat. (Creative Commons / Gilgamesh

Morocco’s budget deficit soared to 5.29 billion U.S. dollars in the first 10 months of 2021, down from 5.66 billion dollars last year, the Moroccan Treasury said Friday.

Ordinary revenues and taxes increased by 5.3 percent to 23.7 billion dollars by the end of October.

Meanwhile, the state spending rose by more than 4.9 percent, the report said.

By June 2021, Morocco’s external debt rose to 22.33 billion dollars, which represents nearly 18.3 percent of the North African country’s GDP.

As for the internal debt, it rose by the end of October to 75.6 billion dollars.

The foreign exchange reserves totaled 36.70 billion dollars by October 29, up by 10.3 percent on the yearly basis, covering six months of imports.

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