Rabat, Morocco (TMT)- The alarm bell was set off last Tuesday in the wake of a presentation given by Morocco’s President of the Court of Auditors Driss Jettou in front of Morocco’s two houses regarding Morocco’s public debt.
Jettou painted a grim picture of the current financial situation in Morocco, stating that Morocco’s overall outstanding public debt, which is a composite of central government and state company debt, hit a new high of MAD 970 billion in 2017, an increase of MAD 51.8 billion from 2016, with the number representing now 91.2 percent of the country’s GDP.
Jettou stressed that given the aforementioned figures, Morocco’s initial plan to bring the GDP/debt ratio below 60 percent in 2021 will be “very difficult to achieve”.
In a bet to redress the situation, Jettou called on the government to take bold measures to reduce the budget deficit, by expanding the tax base, controlling expenditures, accelerating growth, reducing debt and ensuring medium and long term sustainability goals.
It is worth reminding that Driss Jettou’s presentation was held in accordance with the provisions of Article 148 of the Constitution.
The Moroccan Times.