Morocco Plans $2.5 Billion International Bond Issue as December Deadline Looms

According to a senior official who requested anonymity, Morocco could tap the international debt market around the time a previous $1.5 billion bond matures in December, reports Bloomberg. No decision has been made on the size, denomination or maturity of the issue. "Morocco can raise up to 25 billion dirhams ($2.5 billion) from creditors and international development institutions by the end of the year," he specifies.

The same official states that the return to the international debt market is not a major concern for the government because the increase in remittances from Moroccans living abroad and phosphate revenues mitigates the impact of more expensive food and energy imports on the country’s finances in the short term. Morocco’s last issue dates back to 2020.