Marrakech – Morocco’s financial obligations to Spain have jumped sharply over the past six years. The North African country’s debt reached approximately €471 million by the end of 2025, up from €264 million in 2019. That marks a 79% increase and roughly €207 million added in just six years.
The figures come from Spain’s Ministry of Economy, Commerce, and Enterprise, released in response to a transparency request. They show Morocco now leads all countries in the rate of debt growth with Spain over this period. Uzbekistan, Sri Lanka, Iran, and Gabon follow, though at far smaller volumes.
Despite the steep rise, Morocco ranked third among Spain’s largest debtors in 2025. Greece held the top spot, followed by Cuba at €1.96 billion. China and Egypt rounded out the top five. On the other end, Mongolia, Tanzania, and Seychelles carried the smallest active balances.
The trend runs counter to Spain’s broader creditor position. Total external debt owed to Spain fell by nearly 30% over the same period. It dropped from €13.97 billion in 2019 to €9.82 billion in 2025. The steepest annual decline came between 2022 and 2023, at 8.3%. Greece alone slashed its debt to Spain by €3.35 billion. China, Turkey, Tunisia, and Argentina also reduced their obligations significantly.
The growing debt reflects a deeper economic entanglement between the two countries. Bilateral trade hit record levels in 2025, reaching around €22.6 billion. Spain is one of Morocco’s top commercial partners, and the two economies share supply chains in automotive, textiles, and agri-food sectors. Financing of Moroccan exports and investments has expanded alongside this trade boom.
The bilateral picture sits within a wider debt landscape. Morocco’s total external debt stood at $67.99 billion in 2024, according to the World Bank’s International Debt Report 2025. That was slightly down from $69.63 billion in 2023 but still near record highs.
According to the International Monetary Fund’s (IMF) April 2025 Flexible Credit Line report, Morocco’s total external debt stood at 54.2% of GDP in 2020 and declined to 45.3% by 2024.
The number was projected at 46.3% of GDP in 2026 under baseline conditions. Under an adverse scenario – involving weaker demand in advanced economies, higher oil and food prices, and tighter financing conditions – that figure would rise to 52.1% of GDP.
Public external debt alone would peak at 34.9% of GDP in the same scenario, compared to 30.2% under the baseline.
An Afreximbank report ranked Morocco as Africa’s fourth most indebted economy, accounting for 5.9% of the continent’s total external debt.
Morocco’s debt management has drawn mixed assessments. The country maintains import coverage above three months – a key resilience indicator. But its debt-to-exports ratio and exposure to private creditors remain areas of concern, according to Afreximbank.
The Spain-specific figures add another dimension to this picture. As bilateral trade deepens, so do the financial commitments. Whether this trajectory signals productive investment or growing imbalance will depend on the terms and returns of the underlying financing.
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