"Given the double impact of the decrease in growth and the increase in the budget deficit, the Treasury debt-to-GDP ratio should reach 76% by the end of 2020, after marking in 2019 its first decline in ten years as it stood at 64.9%," said Benchaaboun who was responding to questions by members of the Finance and Economic Development Committee in the House of Advisors, during the general discussion of the 2021 appropriation bill.

This increase, which is an inevitable consequence of the unprecedented health and economic crisis, will not significantly affect debt sustainability given the margins available and the healthy structure of the debt, the minister added, noting that the related cost and risk indicators remain at safe and controlled levels.

The share of external debt does not exceed 20% of the total Treasury debt, while the majority of this debt is contracted on favorable terms, he said.

The share of short-term debt does not exceed 13.2%, which reduces the refinancing risk, Benchaaboun went on.

According to the minister, the average cost of the treasury debt should improve this year due to the significant fall in Treasury bill rates and the maintenance of low-interest rates on international markets.