Continued commitment to structural reforms, economic liberalization, and fiscal consolidation Robust external indicators, including high external liquidity and declining public sector external debt Limited, but slowly increasing, fiscal flexibility A high general government debt burden, albeit declining High social spending needs and a weak economic structure, partially balanced by sound growth and diversification prospects The ratings on the Kingdom of Morocco are supported by increasingly robust external indicators, including high external liquidity and a net public sector external asset position. The ratings are also underpinned by strong official commitment to reform, to achieve long-term fiscal consolidation and greater economic diversification. The ratings remain constrained by still-limited fiscal flexibility, a large sovereign debt burden, and weak socioeconomic indicators. Morocco's external position
