The Moroccan Ministry of Economy and Finance announced that the Treasury's charges and resources situation revealed a financing need of 72.1 billion dirhams (MAD) by the end of 2023.
The analysis of the Treasury's financial flows, known as the SCRT, identified this need, bolstered by a net placement flow in the money market of 11.9 billion MAD and the replenishment of the Treasury's current account balance by 6.8 billion MAD. To address these requirements, the Treasury adopted various strategies, including resorting to the domestic debt market for a net amount of 39.6 billion MAD, mobilizing external financing for 35 billion MAD, and increasing deposits to the Treasury by 13.7 billion MAD.
In terms of indebtedness, domestic debt flows recorded subscriptions of 272.2 billion MAD, up from 156.3 billion MAD in 2022, and principal repayments of 232.6 billion MAD, compared to 113.8 billion MAD. Similarly, external debt saw draws of about 45.5 billion MAD, compared to 29.7 billion MAD in 2022, and repayments of 10.5 billion MAD, down from 23.6 billion MAD the previous year.
The execution of the budget for the year 2023 occurred in an international context characterized by a easing of inflationary pressures, attributed to robust monetary policy tightening and the decrease in global energy and food prices. However, this context coincided with a slowdown in economic growth, resulting from tightened financing conditions, geo-economic disruptions, and reduced budgetary maneuverability.
On the national level, economic activity showed signs of improvement, particularly due to a relative increase in agricultural value added and favorable developments in tertiary activities, despite the impact of the Al-Haouz earthquake. Inflation, although gradually easing from 10.1% in February 2023 to 3.4% in December of the same year, remained at a high level of 6.1% on average for 2023, driven notably by food prices.
The Moroccan Treasury navigates a complex financial landscape, aiming to balance financing needs while confronting economic challenges and international fluctuations.
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