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Morocco’s Treasury Secures 50% of 2025 Funding Needs from Domestic Market
Attijari Global Research reports that Morocco’s Treasury managed to fund half of its 2025 net financing gap of MAD 74 billion through the domestic debt market, far exceeding the 11 % share envisioned in the Finance Law. While external borrowing fell short of its target, the overall fiscal deficit stayed on plan and public‑debt‑to‑GDP ratio slightly improved. The unexpected domestic surge – MAD 37.1 billion versus the forecasted MAD 6.7 billion – highlights a shift in financing strategy and offers a more balanced debt profile for the Kingdom moving forward.
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Financing gap and actual coverage
The Treasury’s net financing requirement reached MAD 74 billion by the end of 2025. According to Attijari Global Research (AGR), the domestic debt market supplied exactly half of this amount.
Comparison with the 2025 Finance Law
- Planned domestic contribution: MAD 6.7 billion (11 % of total).
- Actual domestic contribution: MAD 37.1 billion – 5.5 times the forecast.
- Planned external contribution: MAD 51.5 billion (89 %).
- Actual external contribution: MAD 37 billion – 72 % of the target.
Budget balance and debt sustainability
The fiscal deficit stood at MAD 60.5 billion, representing 3.5 % of GDP, in line with the Finance Law’s projection. Overall public debt amounted to 67.2 % of GDP in 2025, marginally below the 67.7 % recorded in 2024.
AGR’s “Budget Focus – December 2025” highlights that the Treasury’s reliance on the domestic debt market was far stronger than anticipated, capturing half of the annual financing need.