Morocco Interest Payments to Revenue

Morocco’s interest payments as a share of revenue have fallen dramatically over the past three decades, dropping from 18.91 % in 1990 to a trough of 6.73 % in 2025, the lowest level recorded in the series and ranking the kingdom 48th globally. The steepest rise occurred in the mid‑1990s, when the ratio peaked at 23.23 % in 1995, reflecting the fiscal strain of high external borrowing and volatile global interest rates. Since then, successive debt‑management reforms, a gradual shift toward domestic‑currency financing and the consolidation of fiscal buffers have steadily reduced the burden of interest servicing. By 2025 Morocco’s ratio of 6.73 % is comparable to Greece’s 6.52 % and slightly below Thailand’s 6.25 %, indicating a convergence with other emerging economies that have successfully lowered debt costs. Continued improvement will depend on maintaining prudent borrowing practices, deepening the local capital market and keeping inflation‑adjusted interest rates modest, which could further compress the interest‑to‑revenue ratio in the coming years.