Improved macroeconomic resilience, characterized by economic growth, low inflation, and a broad political consensus on structural reforms. A steadily declining government debt burden over the past five years, underpinned by a track record of prudent fiscal policies. Robust external indicators. Low levels of economic prosperity compared to peer group. Limited expenditure flexibility, with significant social and infrastructure spending needs. The need to further improve transparency and implement market-oriented reforms to enhance medium-term growth potential, increase export' competitiveness, and improve standards of living. The ratings on the Kingdom of Morocco are supported by the government's overall track record of prudent fiscal management, its commitment to long-term macroeconomic stability, and high political stability. This has allowed the government to manage the fiscal
