Morocco's Treasury is expected to require 45.8 billion dirhams (MMDH) in financing by the end of 2026, according to a report by Attijari Global Research (AGR). This financing need encompasses the remaining deficit financing and Treasury arrears estimated at 4.9 MMDH, as well as 40.9 MMDH in outstanding Treasury bills. The report, part of the "Budget Focus – July 2026" publication, provides insight into the country's financial obligations.
The 40.9 MMDH in outstanding Treasury bills includes 35 MMDH from the domestic market and 5.9 MMDH from the external market. According to the 2026 Finance Law (LF), the Treasury plans to cover 19.8 MMDH of its financing needs through the external market. The remaining 26 MMDH will be met through the domestic market. This breakdown highlights the Treasury's strategy for managing its financing requirements.
The estimated monthly financing need from the domestic market has been revised downward to 5.2 MMDH. Experts from AGR believe this reduced level will not exert upward pressure on the supply of Treasury bonds (BdT) for the remainder of 2026. This development could help maintain stability in the financial markets.
The financing needs are part of Morocco's ongoing efforts to manage its budget deficit. The 2026 Finance Law outlines the country's fiscal plans, including measures to address the deficit and ensure financial sustainability. The Treasury's financing requirements are a key aspect of these efforts.
In recent months, Morocco's Treasury has made progress in meeting its financing needs. As of July 2026, the Treasury's financing need stood at 54.2 MMDH, while by the end of August, it had decreased to 65.9 MMDH. These fluctuations reflect the ongoing management of the country's financial obligations.
The Moroccan government's financial management is under close scrutiny, with various stakeholders monitoring the country's progress. The Treasury's ability to meet its financing needs will be crucial in maintaining confidence in the country's financial stability. The government's efforts to consolidate its finances and promote economic growth are ongoing.
Looking ahead, Morocco's financial prospects will be influenced by various factors, including the global economic climate and domestic policy decisions. The country's ability to manage its finances effectively will be essential in achieving its development goals and maintaining financial stability.
Key points
- Morocco's Treasury needs to finance 45.8 billion dirhams by end-2026.
- The financing need includes 4.9 billion dirhams in arrears and 40.9 billion dirhams in outstanding Treasury bills.
- The Treasury plans to cover 19.8 billion dirhams of its financing needs through the external market.
