Treasury debt: 10.9% drop in MAVT subscriptions at the end of December

This decline concerned both long-term maturities (-66.2% to return to MAD 12.3 billion, i.e. 9.6% of the total against 25.2% in 2021) and medium-term maturities (-25 .1%, returning to 28.6 billion DH, or 22.2% of the total against 26.4%), underlines the DTFE in its recent note on the economy. For their part, short-term maturities increased by 25.8% to reach MAD 87.9 billion (68.2% of the total against 48.4%).

Taking into account the 10.8% increase in repayments, which reached 113.8 billion DH, and other elements of the domestic debt, the outstanding amount of the latter stood at 722.2 billion DH at the end of December 2022, up 6% compared to the end of December 2021 compared to 7.7% in 2021.

At the end of 2022, the average maturity of the domestic debt stood at 5 years and 9 months, down 8 months compared to the end of 2021. In addition, the rates applied on the primary market for Treasury bonds ( BDT) continued their upward trend initiated since the beginning of 2022, in a context marked by the tightening of Treasury financing conditions.

In terms of active management of the domestic debt and with a view to readjusting its profile, the Treasury carried out bond exchange operations for a total amount of 8.6 billion DH at the end of December 2022 against 21.5 billion DH at the end of December 2021. Concomitantly, the situation of the external borrowings of the Treasury generated a positive net flow (drawings – amortizations) of 6 billion DH at the end of December 2022 against 8.2 billion DH in 2021. Thus, the drawings stood at 29.6 billion DH against 18.4 billion DH at the end of December 2021, up 60.9%, including 9.3 billion DH for the International Bank for Reconstruction and Development (IBRD), 4.2 billion DH under the African Development Bank (ADB) and 1.6 billion DH under the French Development Agency (AFD).

For their part, repayments in principal increased by 131.4% at the end of December 2022, to reach 23.6 billion DH. Thus, the Treasury’s external debt stock stood at MAD 229.5 billion, up 12.7% compared to the end of December 2021 against nearly 2% in 2021. Overall, the Treasury’s total debt reached MAD 951.7 billion at the end of December 2022, an annual increase of 7.5% against an increase of 6.3% in 2021. The structure of this debt remains dominated by its domestic component with a share of 75.9% whereas that the external debt represents 24.1% of the overall outstanding debt.

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