Los grandes inversores ponen su mirada en la deuda marroquí
Morocco is going through a great moment in economic terms. Not only are the figures showing that the situation is increasingly positive, but it is also attracting the attention of large investors who see a great opportunity in buying Moroccan debt. The end of the first quarter of the year has yielded very good figures in terms of bond proceeds. Rabat has reached 1.25 billion dollars in bond claims in the five-year term, and another 1.25 billion dollars in the ten-year term.
The Alawi kingdom is doing a really effective job in financial terms, something it is achieving with help from outside its borders. For its latest operations, it has sent a delegation to the world's major financial capitals (London, New York, Frankfurt and Paris), while relying on major banks. While in the past it was BNP Paribas, Barclays and JP Morgan that helped the Kingdom, now, with the latter and BNP again on the Moroccan side, Citigroup and the German bank Deutsche Bank are also helping.
Morocco's successful bond sale is just another symptom of the good omens already expected in the Kingdom. The World Bank (WB) announced growth of 3.1% for 2023, almost triple the growth of the country presided over by Aziz Akhnouch in 2022, which did not exceed 1.2%. The data leave room for optimism, especially considering the slowdown suffered by all countries in the international community due to the energy crisis resulting from the war in Ukraine, as well as the exponential rise in inflation.
Debt, another of the issues to which the government is paying most attention, seems to be under control. At least that is how the WB sees it, which expects a budget deficit of 4.6% of GDP, again an improvement on last year's figure of 5.1%. This figure becomes even more significant if one takes into account the numerous reforms Morocco has implemented, especially in the area of social protection. Hence, even with these actions underway, investors consider the Kingdom to be one of the countries with the greatest potential in the short term.
After the pandemic, which caused a 7.2 per cent drop in Morocco's gross domestic product (GDP), 2021 was a year of great recovery, with a growth rate of 7.9 per cent. However, the new global crisis left growth at just 1.2 per cent, which contrasts with the World Bank's new forecast that only goes to show how well Morocco's coffers are doing. All this despite the climate of instability in the region due to the tension between Morocco and Algeria, and the fear of a rapid escalation of violence culminating in an offensive by Abdelmajdid Tebboune's government.
Morocco, for its part, continues to boost its economy, ignoring Algerian accusations that it is trying to destabilise the Alawi government. Morocco's good work is also appreciated by the International Monetary Fund (IMF), which has given it access to a Flexible Credit Line worth 5 billion dollars, equivalent to 417% of the Kingdom's share in the IMF. The objective is to improve "Morocco's external buffers", as well as to "address reconstruction challenges through certain policies, while accelerating the implementation of its structural reform agenda in an environment characterised by increased external risks".
