The launch of Morocco’s first sovereign bond in three years should ease strains on liquidity in an economy weakened by the global crisis and particularly the contraction in Europe, analysts say.
The kingdom’s main sources of foreign currency – exports, tourism, foreign direct investment and remittances – have been affected to varying degrees by the global downturn. More broadly, the economy remains vulnerable to slow growth in Europe and austerity measures adopted by trade partners such as France, Germany and Spain.
Salaheddine Mezouar, the Moroccan finance minister, says the country has returned to the international market to “diversify its sources of finance” and to reduce pressure on domestic financing.
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