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World Bank to help Morocco reduce debt risk
Real estate news By BI-ME staff
25 October 2007
Morocco and the World Bank signed a Master Derivatives Agreement (MDA) on Monday, allowing Morocco to use a set of World Bank instruments to help it manage its currency and interest rate risk associated with its debt portfolio.
The MDA will allow Morocco to access hedging products including currency swaps, interest rate swaps, caps and collars and commodity swaps. The instruments can be used both for World Bank debts and the entire public debt portfolio, Morocco's Treasury Director Zouhair Chorfi said.
Morocco is the second World Bank member country to sign an MDA with the international financial institution. The IMF estimated Morocco's total government debt to be 58% of GDP in 2007, down from 63.7% in 2005.
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