Record exchanges, but soaring debt: the Morocco-Spain paradox

The figures speak for themselves. While Pedro Sánchez’s government maintains particularly warm relations with Morocco, the financial side tells a different story. According to data from the Spanish Ministry of Economy revealed by The Objective media, Morocco’s debt has surged 178.57% since 2019. Specifically, this liability rose from 263.96 million euros to 471.27 million euros in 2025.

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This spike now places Morocco in third place among nations most indebted to Spain, just behind Greece and Cuba. A dynamic running counter to the general trend, since Madrid’s global claims have overall declined by nearly a third over the same period. By comparison, Athens managed to cut its financial obligations in half, while countries like China and Turkey have also reduced their debt burden.

Yet this growing debt occurs within a context of hyper-dynamic trade. Having become the peninsula’s leading partner on the African continent around 2020, the Maghreb nation is multiplying business deals. Last year, bilateral exchanges even reached a historic milestone, hitting a record sum of approximately 22.6 billion euros, driven by growing interdependence and export financing.

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This tight economic link demonstrates the profound shift in relations between the two states. Far from the asymmetrical past marked by the protectorate and administration of Western Sahara until 1975, the two neighbors have built genuine "shared value chains." The automotive, agribusiness and textile sectors now cement a modern and essential integration on both sides of the Mediterranean.