Over this period, public debt has risen rapidly, fuelling concerns across the region. 2/ Public debt has finally stabilised at 58% of GDP in 2025. In particular, the share of external debt in total public debt rebounded sharply in 2024 and returned to its 2019 level. Moreover, if we look at the net flows of external public debt, we observe a reconfiguration of the profile of external creditors that reveals new vulnerabilities. Since 2018, net bilateral debt flows have been in continuous decline, and they have turned negative since 2023.

Source: The North Africa Journal January 27, 2026 09:02 UTC