The national debt is projected to reach 1.211 billion dirhams in 2026

    The "Tajari Global Research" think tank reported that the Treasury debt is expected to reach 1.211 billion dirhams by the end of 2026, compared to 1.156 billion dirhams in 2025.

In its latest report titled "Budget Focus" for January 2026, that in light of developments in the projected budget under the 2026 Finance Act, the Treasury is expected to bring the budget deficit under control to 55.4 billion dirhams in 2026, equivalent to 3 percent of gross domestic product.

Specifically, domestic debt is expected to reach 887 billion dirhams in 2026, an increase of 4.5 percent compared to its level at the end of 2025. For its part, external debt is projected to rise by 5.7 percent, increasing from 307 billion dirhams in 2025 to 324 billion dirhams in 2026.

As of the end of last January, total debt stood at 1.171 billion dirhams, with domestic debt at 863 billion dirhams and external debt at 308 billion dirhams.

According to the center, the external debt’s share of total public debt is expected to remain stable at 26 percent by the end of January 2026, before rising slightly to 27 percent by the end of 2026. This level remains consistent with the reference range of the "Attijari Global Research" think tank, which ranges between 25 and 30 percent.

Taking into account the growth forecasts contained in the 2026 Finance Act, the Treasury is expected to be able to keep the debt ratio at 65.5% of GDP in 2026. The latter may stabilize at 63.4% by the end of January 2026.