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By the close of the first four months of 2026, Morocco's official reserve assets (ORA) have surged to 469.8 billion dirhams, representing a 23.4% increase compared to the same timeframe last year. This was announced by Fouzi Lekjaa, the Deputy Minister in charge of the Budget, during a session at the House of Councilors on Tuesday. This level of reserves is sufficient to cover 5 months and 24 days of imports.
The minister pointed out that since March, the global economy has been navigating through a «difficult and exceptional» situation, characterized by geopolitical tensions, particularly in the Middle East, alongside uncertainties in economic and financial outlooks, and disruptions in global supply chains, notably in the energy sector.
Lekjaa highlighted that the price of oil has escalated by 46%, averaging 102 dollars per barrel in the first four months of the year, up from about 70 dollars before the crisis, with a peak at 119 dollars. Diesel prices have soared by approximately 70%, averaging 1,218 dollars per ton, compared to 717 dollars previously. Meanwhile, the price of butane gas has increased by 33%, reaching an average of 727 dollars, up from 547 dollars.
In a similar vein, the cost of fuel oil, essential for energy and electricity production, has climbed by 58% to 593 dollars per ton, compared to 374 dollars before the crisis. Natural gas prices have also risen by 53%, reaching 49 euros per megawatt-hour, up from 32 euros previously.
Additionally, Lekjaa noted that the International Monetary Fund (IMF) has adjusted its global growth forecasts downward, from 3.3% to 3.1%, while predicting a rise in global inflation to 4.4%, up from an initial 3.8%. Global trade growth is also expected to slow to 1.9%, compared to 4.6% in 2025.
Despite these challenges, the minister emphasized that Morocco's national economy continues to show resilience, bolstered by substantial rainfall and promising cereal production prospects estimated at 90 million quintals (Mqx). Each additional 20 Mqx contributes roughly 0.3% to added value. Despite the constraints, the national economy is projected to achieve a growth rate exceeding 5.3% in 2026.
