✍️ 𝓑𝔂: 𝓓𝓻. 𝓗𝓪𝓷𝓪 𝓢𝓪𝓪𝓭𝓪
𝓐𝓵𝓰𝓲𝓮𝓻𝓼 – 𝓙𝓪𝓷𝓾𝓪𝓻𝔂 𝟐𝟎𝟐𝟔 – Morocco’s external indebtedness is no longer a neutral accounting figure showcased to embellish official narratives of “financial stability,” nor a technical indicator deployed to reassure international partners. By the end of 2025, it has become a structural constraint—one that weighs heavily on the present while deliberately mortgaging the future. The loans accumulated over recent years are not temporary responses to passing crises; they are long-term political and economic bets whose costs are consciously deferred to generations that were neither consulted nor will reap their supposed benefits.
What stands out in the latest borrowing wave is not only its sheer magnitude, but its temporal nature. Repayment schedules extending to 2040 and 2050 mean that today’s children and tomorrow’s youth will be summoned, decades from now, to settle the bill for policies that have neither improved their living conditions nor generated a genuine structural transformation of the economy. This is where the core political and moral question emerges with force: who truly benefits from these loans, and in whose interest is this debt being managed?
Official figures themselves reveal an alarming upward trajectory. Public external debt surpassed 50 billion dollars by mid-2025, and when the liabilities of public enterprises and quasi-sovereign commitments are included, the figure approaches 60 billion dollars—nearly half of the country’s GDP. This is not a mere bookkeeping detail. It is a clear signal of an economy surviving on external financial life support, at a time when global interest rates are rising and borrowing conditions are becoming increasingly restrictive.
Loans from the World Bank, the International Monetary Fund, and the African Development Bank are routinely presented as support for social reforms and fiscal sustainability. Yet reality exposes a stark contradiction: as indebtedness grows, purchasing power declines, social inequalities widen, and public investment in vital sectors shrinks. What kind of “reform” is financed by debt, only to have its costs extracted from the pockets of the most vulnerable segments of society?
More dangerous than the size of the debt is the cost of servicing it. Over 70 billion dirhams annually are drained into interest payments and principal repayments—an amount equivalent to the budgets of entire social sectors. In concrete terms, a substantial share of national wealth is transferred each year to creditors instead of being invested in education, healthcare, and employment. This constitutes a silent mechanism of resource transfer from society to international financial institutions.
Then comes the political price. Loans are never neutral cash infusions; they come with strings attached. Structural adjustment conditions affect subsidies, pensions, wage bills, and public services. Under the banner of “sustainability,” citizens are told to tighten their belts, while major privileges remain protected and the tax system continues to fail at enforcing genuine fiscal justice. Sovereign decision-making is thus hollowed out, and public policies are shaped according to the logic of creditors rather than the needs of society.
What is unfolding today is not prudent debt management, but its recycling. A significant portion of new borrowing does not generate wealth; it merely serves to repay old debts, locking the country into a vicious cycle of borrowing to service borrowing. At this point, debt ceases to be a financing tool and becomes a mode of economic governance—one based on postponing crises rather than resolving them, and shifting costs forward instead of assuming political responsibility for them.
Ultimately, Morocco’s external debt is no longer a technical issue confined to Ministry of Finance reports. It is a political choice that reflects a deeply troubled economic model—one that prefers borrowing over genuine tax reform, accumulates liabilities instead of building an independent productive economy, and leaves future generations a heavy legacy of obligations and interest payments.
These are today’s debts, but their price will not be paid today. It will be extracted tomorrow—from youth opportunities, from the quality of schools and hospitals, and from economic sovereignty itself. That, in essence, is the most dangerous form of deficit.
— 𝐄𝐍𝐃 —
📡🌍 | 𝓐𝓫𝓸𝓾𝓽 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓜𝓮𝓭𝓲𝓪 𝓖𝓻𝓸𝓾𝓹 | 🌍📡
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📰 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓲𝓼 𝓪 𝓽𝓻𝓪𝓲𝓵𝓫𝓵𝓪𝔃𝓮𝓻 𝓲𝓷 𝓐𝓵𝓰𝓮𝓻𝓲𝓪𝓷 𝓭𝓲𝓰𝓲𝓽𝓪𝓵 𝓳𝓸𝓾𝓻𝓷𝓪𝓵𝓲𝓼𝓶, 𝓭𝓮𝓵𝓲𝓿𝓮𝓻𝓲𝓷𝓰 𝓱𝓲𝓰𝓱-𝓺𝓾𝓪𝓵𝓲𝓽𝔂 𝓬𝓸𝓷𝓽𝓮𝓷𝓽 𝓲𝓷 𝓐𝓻𝓪𝓫𝓲𝓬, 𝓕𝓻𝓮𝓷𝓬𝓱, 𝓪𝓷𝓭 𝓔𝓷𝓰𝓵𝓲𝓼𝓱. 𝓦𝓲𝓽𝓱 𝓶𝓸𝓻𝓮 𝓽𝓱𝓪𝓷 📈 500,000 𝓭𝓪𝓲𝓵𝔂 𝓬𝓵𝓲𝓬𝓴𝓼, 𝓲𝓽 𝓻𝓪𝓷𝓴𝓼 𝓪𝓶𝓸𝓷𝓰 𝓽𝓱𝓮 𝓶𝓸𝓼𝓽 𝓲𝓷𝓯𝓵𝓾𝓮𝓷𝓽𝓲𝓪𝓵 𝓶𝓮𝓭𝓲𝓪 𝓹𝓵𝓪𝓽𝓯𝓸𝓻𝓶𝓼 𝓲𝓷 𝓽𝓱𝓮 𝓬𝓸𝓾𝓷𝓽𝓻𝔂.🏆 𝓐𝔀𝓪𝓻𝓭𝓮𝓭 𝓽𝓱𝓮 𝓟𝓻𝓮𝓼𝓲𝓭𝓮𝓷𝓽 𝓸𝓯 𝓽𝓱𝓮 𝓡𝓮𝓹𝓾𝓫𝓵𝓲𝓬’𝓼 𝓟𝓻𝓲𝔃𝓮 𝓯𝓸𝓻 𝓟𝓻𝓸𝓯𝓮𝓼𝓼𝓲𝓸𝓷𝓪𝓵 𝓙𝓸𝓾𝓻𝓷𝓪𝓵𝓲𝓼𝓽 𝓲𝓷 𝓽𝓱𝓮 𝓔𝓵𝓮𝓬𝓽𝓻𝓸𝓷𝓲𝓬 𝓟𝓻𝓮𝓼𝓼 𝓬𝓪𝓽𝓮𝓰𝓸𝓻𝔂 (🗓 𝓞𝓬𝓽𝓸𝓫𝓮𝓻 22, 2022), 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓲𝓼 𝔀𝓲𝓭𝓮𝓵𝔂 𝓻𝓮𝓬𝓸𝓰𝓷𝓲𝔃𝓮𝓭 𝓯𝓸𝓻 𝓲𝓽𝓼 𝓮𝓭𝓲𝓽𝓸𝓻𝓲𝓪𝓵 𝓮𝔁𝓬𝓮𝓵𝓵𝓮𝓷𝓬𝓮 𝓪𝓷𝓭 𝓲𝓷𝓽𝓮𝓰𝓻𝓲𝓽𝔂.
📱 𝓜𝓪𝓼𝓼𝓲𝓿𝓮 𝓓𝓲𝓰𝓲𝓽𝓪𝓵 𝓡𝓮𝓪𝓬𝓱:
🔴 600,000+ 𝓨𝓸𝓾𝓣𝓾𝓫𝓮 𝓼𝓾𝓫𝓼𝓬𝓻𝓲𝓫𝓮𝓻𝓼
🔵 6 𝓶𝓲𝓵𝓵𝓲𝓸𝓷+ 𝓯𝓸𝓵𝓵𝓸𝔀𝓮𝓻𝓼 𝓪𝓬𝓻𝓸𝓼𝓼 𝓕𝓪𝓬𝓮𝓫𝓸𝓸𝓴 𝓹𝓪𝓰𝓮𝓼
📸 70,000+ 𝓘𝓷𝓼𝓽𝓪𝓰𝓻𝓪𝓶 𝓯𝓸𝓵𝓵𝓸𝔀𝓮𝓻𝓼🎥 𝓞𝓹𝓮𝓻𝓪𝓽𝓲𝓷𝓰 𝓯𝓻𝓸𝓶 𝓼𝓽𝓪𝓽𝓮-𝓸𝓯-𝓽𝓱𝓮-𝓪𝓻𝓽 𝓼𝓽𝓾𝓭𝓲𝓸𝓼, 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓫𝓻𝓸𝓪𝓭𝓬𝓪𝓼𝓽𝓼 𝓻𝓲𝓬𝓱 𝓪𝓷𝓭 𝓭𝓲𝓿𝓮𝓻𝓼𝓮 𝓹𝓻𝓸𝓰𝓻𝓪𝓶𝓶𝓲𝓷𝓰, 𝓲𝓷𝓬𝓵𝓾𝓭𝓲𝓷𝓰:
🗞 𝓝𝓮𝔀𝓼 | ⚽ 𝓢𝓹𝓸𝓻𝓽𝓼 | 🎭 𝓔𝓷𝓽𝓮𝓻𝓽𝓪𝓲𝓷𝓶𝓮𝓷𝓽 | 🕌 𝓡𝓮𝓵𝓲𝓰𝓲𝓸𝓷 | 🎨 𝓒𝓾𝓵𝓽𝓾𝓻𝓮🗣️ 𝓕𝓮𝓪𝓽𝓾𝓻𝓲𝓷𝓰 𝓲𝓷𝓽𝓮𝓻𝓪𝓬𝓽𝓲𝓿𝓮 𝓽𝓪𝓵𝓴 𝓼𝓱𝓸𝔀𝓼 𝓪𝓷𝓭 𝓮𝔁𝓬𝓵𝓾𝓼𝓲𝓿𝓮 𝓲𝓷𝓽𝓮𝓻𝓿𝓲𝓮𝔀𝓼 𝔀𝓲𝓽𝓱 𝓹𝓻𝓸𝓶𝓲𝓷𝓮𝓷𝓽 𝓯𝓲𝓰𝓾𝓻𝓮𝓼 𝓯𝓻𝓸𝓶 𝓹𝓸𝓵𝓲𝓽𝓲𝓬𝓼, 𝓫𝓾𝓼𝓲𝓷𝓮𝓼𝓼, 𝓪𝓻𝓽𝓼, 𝓪𝓷𝓭 𝓶𝓸𝓻𝓮, 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓼𝓮𝓻𝓿𝓮𝓼 𝓪𝓼 𝓪 𝓴𝓮𝔂 𝓹𝓵𝓪𝓽𝓯𝓸𝓻𝓶 𝓯𝓸𝓻 𝓹𝓾𝓫𝓵𝓲𝓬 𝓭𝓲𝓼𝓬𝓸𝓾𝓻𝓼𝓮 𝓪𝓷𝓭 𝓬𝓲𝓿𝓲𝓬 𝓮𝓷𝓰𝓪𝓰𝓮𝓶𝓮𝓷𝓽.
📰 𝓘𝓽𝓼 𝓹𝓻𝓲𝓷𝓽 𝓼𝓹𝓸𝓻𝓽𝓼 𝓭𝓪𝓲𝓵𝔂, “𝓓𝔃𝓪𝓲𝓻 𝓢𝓹𝓸𝓻𝓽,” 𝓮𝓷𝓳𝓸𝔂𝓼 𝓸𝓿𝓮𝓻 50,000 𝓭𝓪𝓲𝓵𝔂 𝓭𝓸𝔀𝓷𝓵𝓸𝓪𝓭𝓼 𝓿𝓲𝓪 𝓽𝓱𝓮 𝓸𝓯𝓯𝓲𝓬𝓲𝓪𝓵 𝔀𝓮𝓫𝓼𝓲𝓽𝓮—𝓯𝓾𝓻𝓽𝓱𝓮𝓻 𝓬𝓮𝓶𝓮𝓷𝓽𝓲𝓷𝓰 𝓽𝓱𝓮 𝓹𝓵𝓪𝓽𝓯𝓸𝓻𝓶’𝓼 𝓶𝓾𝓵𝓽𝓲𝓶𝓮𝓭𝓲𝓪 𝓵𝓮𝓪𝓭𝓮𝓻𝓼𝓱𝓲𝓹.
🎖️ 𝓗𝓸𝓷𝓸𝓻𝓮𝓭 𝔀𝓲𝓽𝓱 𝓽𝓱𝓮 𝓜𝓮𝓭𝓲𝓪 𝓛𝓮𝓪𝓭𝓮𝓻𝓼𝓱𝓲𝓹 𝓐𝔀𝓪𝓻𝓭 𝓫𝔂 𝓽𝓱𝓮 𝓯𝓸𝓻𝓶𝓮𝓻 𝓜𝓲𝓷𝓲𝓼𝓽𝓮𝓻 𝓸𝓯 𝓒𝓸𝓶𝓶𝓾𝓷𝓲𝓬𝓪𝓽𝓲𝓸𝓷, 𝓜𝓸𝓱𝓪𝓶𝓮𝓭 𝓛𝓪â𝓰𝓪𝓫, 𝓪𝓷𝓭 𝓬𝓮𝓵𝓮𝓫𝓻𝓪𝓽𝓮𝓭 𝓪𝓽 𝓽𝓱𝓮 𝓗𝓲𝓵𝓪𝓵𝓼 𝓸𝓯 𝓽𝓱𝓮 𝓣𝓮𝓵𝓮𝓿𝓲𝓼𝓲𝓸𝓷 𝓪𝔀𝓪𝓻𝓭𝓼, 𝓓𝔃𝓪𝓲𝓻 𝓣𝓾𝓫𝓮 𝓬𝓸𝓷𝓽𝓲𝓷𝓾𝓮𝓼 𝓽𝓸 𝓵𝓮𝓪𝓭 𝔀𝓲𝓽𝓱 𝓲𝓷𝓷𝓸𝓿𝓪𝓽𝓲𝓸𝓷, 𝓲𝓷𝓯𝓵𝓾𝓮𝓷𝓬𝓮, 𝓪𝓷𝓭 𝓲𝓶𝓹𝓪𝓬𝓽.
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🌐 𝓢𝓽𝓪𝔂 𝓒𝓸𝓷𝓷𝓮𝓬𝓽𝓮𝓭:
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📲 𝓕𝓸𝓵𝓵𝓸𝔀 𝓾𝓼 𝓸𝓷 𝓕𝓪𝓬𝓮𝓫𝓸𝓸𝓴 | 𝓘𝓷𝓼𝓽𝓪𝓰𝓻𝓪𝓶 | 𝓨𝓸𝓾𝓣𝓾𝓫𝓮
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