Morocco holds 23 Sept 2026 election; PAM wins plurality and king appoints Fatima El Mansouri as head of government

On 23 September 2026 Morocco held general elections for all 395 House seats; the Authenticity and Modernity Party (PAM) emerged largest and, on 29 September 2026, King Mohammed VI appointed PAM leader Fatima Ezzahra El Mansouri to form the next government.

The election produced a change in parliamentary arithmetic and executive assignment that can alter near-term policy continuity and refine investor expectations for Morocco's sovereign funding. If a stable coalition forms quickly, refinancing and issuance calendars should face limited risk-premium widening; a protracted coalition process or policy shifts could raise near-term rollover premia on Moroccan USD/EUR sovereign and corporate Eurobonds.

Whether El Mansouri secures a governing coalition and the composition of her cabinet within weeks of appointment.