Morocco raises €1 billion on international financial markets
Moroccan Minister of Economy and Finance Mohamed Boussaid announced on June 13 that his country has mobilised €1 billion through a bond on international markets.Moroccan Minister of Economy and Finance Mohamed Boussaid announced on June 13 that his country has mobilised €1 billion through a bond on international markets.
"With an order book of €2 billion euros, the issue was oversubscribed twice, reflecting the international financial community's confidence in Morocco," he said, quoted by Ecofin news agency.
The country's public deficit is expected to fall below five per cent in late 2014. Total debt represents 63 per cent of GDP.
The Moroccan government is increasingly resorting to the sale of bonds to finance its activities.
Nizar Baraka, the former Minister of Economy and Finance, told the newspaper Aujourd'hui Maroc that successful bonds "show that international markets have a real long-term confidence in our economy, the stability of our country and our ability to cope with both regional and economical challenges."
These operations allow the government to raise funds to pursue its ongoing projects, including the financing of SMEs and infrastructure.