The process of reducing the stock of the public foreign debt continued in 2004 with a new decrease of 9% i.e. from 126 billion DH at the end of 2003 to 115 billion DH (14 billion US dollars) at the end of 2004. This decline is due to the negative net flows in the foreign debt (drawings– paying off) and the impact of the dollar’s depreciation against the dirham.   Evolution of the public foreign debt stock in million dirhams.   In this way, the debt indicators have been appreciably improved. Thus, the rate of foreign debt dropped from 30,1% to 26,1% of the GDP between 2003 and 2004; that is to say, a decrease of 4 points of the GDP. The rate relating to the current earnings of the balance of payments stepped down from 70% to 61% at the end of every year.

1. Distribution of stock by group of creditors.

On another level, the structure by group of creditors was profoundly modified during the ten last years. This modification is characterized by a reinforcement:  the case of international institutions (+12%), a decrease: the case of Paris Club (-11%) and a quasi-stability: the case of London Club. Thus, the international development institutions have become the first creditor group of Morocco with an amount of 49 billion DH (42%), followed by bilateral creditors with 47 billion DH (41%) and trade banks with 19 billion DH (17%).