Morocco, a very solid borrower according to S&P Global Ratings

African governments should raise around $155 billion in gross commercial borrowing next year. In this landscape where total continental debt will climb to $1,200 billion by the end of 2026, Morocco positions itself alongside Egypt and South Africa among the most regular players.

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The country’s long-term commercial borrowing volume is expected to reach around $14.6 billion in 2026. This consistency is explained by historical access to financial markets, a diversified investor base, and limited refinancing risk due to a low share of short-term bonds.

The global environment remains fragile, however. Geopolitical tensions in the Middle East threaten to disrupt supply chains and drive up energy costs, potentially weighing on public finances. Conversely, an improvement in global liquidity and a weakening of the US dollar could offer favorable refinancing conditions.

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Despite its exposure to currency volatility and external shocks, the kingdom manages to perfectly balance its borrowing in local and foreign currencies. The country thus navigates a complex economic landscape with caution, consolidating its status as a stable sovereign borrower.