Morocco’s external debt eased slightly in 2024 to $67.99 billion, down from a peak of $69.63 billion in 2023, according to the World Bank, which notes the debt was sustainable.
In its International Debt Report 2025, the World Bank notes that the decline marks the end of a three-year upward trend and reflects the kingdom’s cautious approach to external borrowing amid global financial uncertainty.
Long-term debt continues to dominate Morocco’s external liabilities, totaling $57.2 billion, of which $45.7 billion is public and publicly guaranteed, it said.
Official creditors remain Morocco’s primary partners, with $28.8 billion owed to multilateral and bilateral lenders, led by the World Bank and African Development Bank.
Private creditors account for $16.95 billion, driven by international bond issues at $13.58 billion, while commercial bank exposure fell to $3.37 billion, it said, adding that non-guaranteed private debt rose to $11.47 billion, signaling growing corporate reliance on external financing.
Despite global headwinds, Morocco’s debt ratios remain within safe thresholds. External debt equals 99% of exports and 45% of Gross National Income (GNI), while debt service represents 13% of exports. These figures underscore what the World Bank calls “manageable risk,” supported by Morocco’s rising GNI, estimated at $152 billion in 2024.
In the MENAP region (Middle East, North Africa, Afghanistan, Pakistan), external debt stock fell to $561.2 billion, but faces mounting pressures. Net outflows of $29 billion and a debt-service-to-exports ratio of 13.7%, highlighting vulnerability to global trade and refinancing costs.
For Morocco, the World Bank flags three main risks: Global trade uncertainty, which could weigh on export revenues, high refinancing costs, as global interest rates remain elevated and fiscal pressure, if public revenues fail to keep pace with investment and debt servicing needs.
