Aziz Akhannouch has delegated the authority for domestic and foreign borrowing, as well as the management of public debt for the fiscal year 2026, to Minister of Economy and Finance, Nadia Fettah.
This delegation was formalized through three decrees published in the latest issue of the official gazette No. 7465. These address internal borrowings, external financing, and the signing of loan contracts aimed at refinancing the external debt under more favorable conditions, in addition to agreements to hedge against interest rate and currency risks.
According to Decree No. 2.25.851 issued on December 15, 2025, the Minister of Economy and Finance is empowered to determine the procedures for issuing internal borrowings and to utilize various financial instruments to cover the treasury’s needs for the fiscal year 2026. It also authorizes her, or a designated representative, to issue these borrowings and to execute operations for the recovery, exchange, and retention of treasury bonds, along with the use of related financial instruments.
Decree No. 2.25.852 concerning external financing grants the Minister the authority to conclude financial cooperation agreements and external borrowings on behalf of the Kingdom’s government during 2026, whether with foreign governments or international institutions. This includes issuing borrowings in international financial markets or turning to alternative financing instruments. The delegation also encompasses signing agreements and guarantee contracts with foreign and international parties.
In a related context, Decree No. 2.25.853 authorizes the Minister to finalize external borrowings aimed at pre-paying high-cost debts and using financial instruments designed to reduce debt service burdens. This delegation includes entering into contracts for foreign currency and interest rate swaps, and adopting financial mechanisms that ensure stability in public debt costs.
