Morocco's economy has proven resilient in the face of multiple shocks over the past five years, and maintained access to domestic and external financing. We believe that the continued implementation of socioeconomic and budgetary reforms will help formalize the economy further and make it more inclusive and competitive, thereby stimulating GDP growth and bringing down budget deficits, albeit gradually. The budget and current account deficits decreased more than we expected in 2023, to 4.4% and 0.6% of GDP, respectively, and we expect fiscal consolidation to continue. We therefore revised our outlook on Morocco to positive from stable and affirmed our ratings at 'BB+/B'. On March 29, 2024, S&P Global Ratings revised its outlook on Morocco to positive from stable. We
