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Country · MAR

Morocco · Finances and debt

Source: IMF, World Economic Outlook (October 2026) · copied on 2026-11-11

Public finances and external accounts

A fiscal deficit of 3.5 % of GDP

Morocco: in 2025, the general government spent 3.5 % of GDP more than it collected, public debt stood at 66.6 % of GDP, the current account showed a deficit of 2.4 % (IMF).

Fiscal balance · 2025
−3.5 %
of GDP · +3.6 pt since 2020
Public debt · 2025
66.6 %
of GDP · −5.6 pt since 2020
Current account · 2025
−2.4 %
of GDP · −1.2 pt since 2020

Fiscal balance, % of GDP

Negative: a deficit · dashed: estimates and projections

−15 % −10 % −5 % 0 % 2015 2020 2025 2030 Morocco −3.1 North Africa −5.7 −15 % −10 % −5 % 0 % 2015 2020 2025 2030
  • Morocco
  • North Africa

Source: IMF, World Economic Outlook (October 2026) · general government net lending or borrowing · group values weighted by GDP in dollars (Syli Atlas)

Current account, % of GDP

Trade, income and transfers with the rest of the world

−6 % −4 % −2 % 0 % 2015 2020 2025 2030 Morocco −3.2 −6 % −4 % −2 % 0 % 2015 2020 2025 2030

Source: IMF, World Economic Outlook (October 2026)

Currency

Moroccan dirham

The Moroccan dirham has no fixed peg: its value against the dollar and the euro moves with the market and the central bank's policy.

Currency
MAD
Moroccan dirham
Exchange regime
—
no fixed peg
Inflation · 2025
0.8 %
average annual change in consumer prices

Currency codes: ISO 4217 · fixed parities: central banks (BCEAO, BEAC, Central Bank of the Comoros, Bank of Cape Verde…) · inflation: IMF, World Economic Outlook (October 2026)

Debt

A debt owed first to multilateral lenders

At the end of 2025, Morocco owed 55.1 bn$ in public external debt (World Bank). 0.5 % of it was owed to China, 46.2 % to multilateral institutions and 31.2 % to bond holders.

Debt of the 54 countries →
Public debt · 2025
66.6 %
of GDP · IMF
External debt · 2025
80.5 bn$
public and private · World Bank
Public external debt · 2025
55.1 bn$
owed or guaranteed by the State
Debt service · 2024
8.8 %
of exports of goods, services and income

Public external debt by creditor

Share of the total at the end of each year

2015
2020
2025
Multilateral (IMF, World Bank, AfDB…)
46.2 %
China
0.5 %
Other countries
16.2 %
Bonds (Eurobonds)
31.2 %
Banks and other private lenders
5.9 %

Source: World Bank, International Debt Statistics (updated 2026-11-05) · public and publicly guaranteed external debt, end of year · CC BY 4.0 · shares: Syli Atlas calculation