New World Bank program to support Moroccan municipalities’ performance and service delivery

New World Bank program to support Moroccan municipalities’ performance and service delivery

On November 7th 2019 The World Bank has announced that it approved a new $300 million loan to support the strengthening of “Morocco’s municipalities” as part of Morocco’s reforms to upgrade public administrations.

In a press release, The World Bank added that the loan seeks to help Morocco in its “broader efforts to upgrade urban services and turn urban conglomerations into engines of growth and job creation.”

On another hand Several top bankers in Morocco warned about the increasing external debt, including Abdellatif Jouahri, the governor of Morocco’s central bank, Bank al-Maghrib.

Last year, Jouahri said he expected external debt to rise to 16.6% of Morocco’s GDP in 2019, up from 13.8% of GDP in 2018.

In his annual report on the economic situation in Morocco, the governor acknowledged in July that Morocco is in a financial crisis as the economy is not able to keep up with growing special demands.

Global Economic Data CEIC found that the external debt in Morocco reached $53.2 billion in June 2019, compared to $51.4 billion in the previous quarter.

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