The Moroccan government is poised to borrow 60 billion dirhams (approximately 6.1 billion USD) from international sources in 2027, maintaining the same level as projected in the 2026 budget. This information was disclosed in the preliminary report of the 2027 finance bill, which was presented to the parliament last Friday and is set to be discussed next Wednesday.
According to the report, the total medium and long-term borrowing resources are expected to reach 120 billion dirhams (around 12.2 billion USD) in the upcoming year, a slight decrease from 123 billion dirhams (approximately 12.5 billion USD) in the 2026 budget, marking a reduction of 2.4 percent. The document indicates that external borrowing resources will stabilize at 60 billion dirhams, while domestic borrowing is anticipated to decline to 60 billion dirhams from 63 billion dirhams (about 6.4 billion USD) in the current year.
This means that the anticipated borrowings in 2027 will be evenly split between internal and external financing. In contrast, the government expects an increase in ordinary resources of the general budget, excluding borrowing revenue, to reach 482 billion dirhams (nearly 49 billion USD) in 2027, compared to 421 billion dirhams (around 42.8 billion USD) in 2026, reflecting a growth rate of 14.5 percent.
During the presentation of the budget project to parliament, Moroccan Minister of Economy and Finance, Fawzi Lekjaa, projected that economic growth will slow to 3.7 percent in 2027, down from a forecasted 4.7 percent by the end of the current year. Lekjaa emphasized that the government aims to keep the budget deficit at 3 percent of GDP amidst ongoing global uncertainties, rising geopolitical conflict costs, and increasing protectionist tendencies.
The government’s growth forecasts for 2027 diverge from the estimates provided by Bank Al-Maghrib (the central bank), which predicted in September a growth rate of 4.4 percent for 2026, down from 4.9 percent in 2025, before slowing to 2.9 percent in 2027.
As reported by aa.com.tr.
