RABAT - Morocco’s central bank said the number of unpaid loans in the country had doubled over the past decade, despite steady growth in giving out loans the past five years. Bank Al Maghrib Governor Abdellatif Jouahri said unpaid loans since 2009 totalled 70 billion dirhams ($7.3 billion), about 7.7% of total loans, Morocco’s official news agency MAP reported. The process of collecting unpaid loans in Morocco is difficult because current laws do not provide a quick solution to the problem. Jouahri said the level of loans granted in 2019 was twice that recorded in 2014 and was about 88% of GDP. What the figures reflect is the economic difficulty Moroccan families face despite the government reforms to boost growth.

Source: The North Africa Journal February 08, 2020 20:03 UTC