This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Ongoing economic reforms should gradually engender more inclusive growth for Morocco, although per capita income levels remain relatively low. General government debt will remain at about 65% of GDP, despite a gradual reduction in budget deficits. --We think the continued implementation of socioeconomic and budgetary reforms will help formalize larger parts of the economy and help make it more competitive. --The government?s economic and fiscal structural reforms should help steadily shrink financing needs. --Extending social protection, alongside increasing digitalization, should eventually widen the tax base. --Although government debt over the coming two years will remain significantly higher than pre-pandemic levels, the average maturity
