Morocco continues to have the best financing conditions among emerging countries. This has been demonstrated by a study by Attjari Global Research (AGR), an Analysis and Research section of the Attjariwafa banking group, which shows that Morocco can continue to obtain international financing thanks to the risk premium and the favourable outlook for its external debt.
"We remain confident in Morocco's ability to make further international outflows without major difficulties and under more appropriate financing conditions," said AGR analysts in the report entitled "Towards a continuation of the rate hike 2022".
A leading global research centre dedicated to African financial markets attributed Morocco's favourable position to its risk premium, one of the most attractive compared to other emerging countries, and favourable sovereign debt ratings with a stable outlook, an economic reality made possible by the International Monetary Fund's (IMF) Precautionary and Liquidity Line (PLL).
The international financial crisis highlighted the need for a tool to protect and help countries cope with adverse economic changes, and it was with this objective in mind that the IMF launched this Precautionary and Liquidity Line, which was used by Macedonia and Morocco.
Thanks to these mechanisms, the Alawi kingdom has seen its resilience to external shocks strengthened, conditions that have brought its foreign exchange reserves to a maximum of 300 billion dirhams.
In this regard, the Arab Monetary Fund (AMF) and the IMF have already published a study on the effects of structural adjustment programmes in several countries, among which Morocco had the greatest improvement in its indicators, being able to reduce its budget deficit from 6.8 billion dirhams to 5.2 billion dirhams.
Also, with regard to external debt, AGR noted that it has a "level consistent with the international Treasury benchmark, the latter being between 25 and 30%".
This year's monetary tightening in several international central banks has put upward pressure on emerging economies' financing rates. Thus, the risk premium demanded has averaged more than 390 basis points since the beginning of the year, 22% more than in 2021.
All these figures support what the European Bank for Reconstruction and Development predicted in its study: an economic growth of 3.2% by 2023.