Moroccan public debt drops over USD 130 million in 2007

Morocco's public debt declined some USD 136.4 million (MAD 1.1 billion) in 2007, going from USD 45.1 billion in 2006 to 44.9 billion, Director of Treasury and External Finance of the Ministry of Economy and Finance, Zouhair Chorfi said on Tuesday.

Mr. Chorfi in speech on press conference on public finance in 2007, stressed that this debt, which today represents 54.9 % of the GDP, has dropped some 3 points.

The official underlined that the repayment of the debt has contributed to slashing the budget deficit to 3.2%, noting that the payment-off represents only 12.7% of the GDP against 14.4% in 2005 and 2006.

Yet, the external debt has recorded a 5.5% increase in 2007 to stand at USD 16.6 billion, Mr. Chorfi added, attributing this performance to a sharp increase in foreign backers' funding.

The Morocco domestic debt, which accounts for 80 % of the public debt dropped some USD 258.9 million, to stand at USD 35.9 billion in 2007 and represent 44% of GDP, he added