Beyond traditional budgeting: Sale and Leaseback as a new innovative pathway for financing the Moroccan government[Repenser la budgétisation traditionnelle : La Cession-Bail (Sale and Leaseback) comme nouvelle alternative de financement innovante pour le financement du gouvernement marocain]

Introduced in the 2019 Finance Law, Leaseback has emerged as an innovative financing mechanism for the Moroccan government, enabling it to raise over 70 billion dirhams between 2019 and 2023, with projections reaching 100 billion by 2024 through the sale of more than 330 buildings. This mechanism aligns with the modernization of public asset management, allowing rapid liquidity mobilization without increasing public debt. Empirical findings highlight its positive perception among experts, emphasizing its ability to preserve state sovereignty, particularly concerning institutions like the IMF and World Bank. However, Leaseback also exerts pressure on rental fees, potentially leading to reduced control over public assets and higher public service costs. These challenges underscore the need for a stronger regulatory framework to ensure its long-term effectiveness and sustainability