The need for net financing by the Ministry of Finance achieved 55.7 billion dirhams (MMDH) or 90% of the forecasts of the 2024 (LF-2024) finance law in 2024, which, according to Attijari Global Research (AGR), was mapped to 62 mmdh.
The internal financing was 36.7 mmdh, a level that was planned much higher than 10.8 mmdh and achieved an extraordinary implementation rate of 339%. On the other hand, the external net financing has only reached 19 MMDH, compared to a forecast of 51.1 mmdh, a production rate of only 37%.
This imbalance led to a more intensive appeal to the internal debt market, which included more than 65% of the needs of the Ministry of Finance, while the LF-2024 was only 17%.
Conversely, the external financing made up only 34% of the total amount, far from the originally expected 83%, which is due to a significant reorientation of the finance ministry’s financing strategy.
M.Ba.
