Here is the main part of the publication “Budget Focus” by Attijari Global Research (AGR) for the month of December 2022, entitled “2022 report: A quasi-exclusive recourse by the Treasury to the domestic market”:
– The Treasury had significant recourse to the domestic debt market in 2022.
– The domestic market has captured nearly 90% of its annual need against an estimate of 72% of the 2022 Finance Law.
– At the end of 2022, the Treasury’s net financing requirement stood at 71.1 billion dirhams (MMDH) against an estimate of the 2022 FL of 72.6 billion MAD.
– The internal financing of the Treasury stands at 65 billion dirhams at the end of 2022 against a forecast of 52 billion dirhams for the LF 2022.
– The net external financing of the Treasury stands at 6.1 billion dirhams against a forecast of 20.7 billion dirhams for the LF 2022.
– Treasury debt would have reached 956 billion dirhams (MMDH) at the end of 2022, against 885 billion dirhams in 2021.
– The domestic debt should reach 747 billion dirhams in 2022, up 9.5% compared to 2021, taking into account the use of the LPL for an amount of 21 billion dirhams.
– The external debt should increase by 3%, from 204 billion dirhams in 2021 to 210 billion dirhams in 2022.
– The weight of external debt in the Treasury’s overall indebtedness in 2022 remains in line with its benchmark benchmark. This stands at 25%-75% between external and internal debt.