A budget surplus of 5.9 billion dirhams was recorded at the end of March 2025, according to the latest quarterly report from the Treasury of the Kingdom.
The Treasury explained that this surplus is due to the regular revenue, excluding loan income, amounting to 184.1 billion dirhams, against expenditures, not counting debt consumption, of 178.2 billion dirhams.
Loan revenues during the same period reached 29.2 billion dirhams, while debt consumption stood at 12.1 billion dirhams, allowing for a total surplus in revenue expenditures of 23.1 billion dirhams.
Total state resources in the first quarter of the current year reached 213.4 billion dirhams, achieving a realization rate of 32.4% of the financial law forecasts, despite continued delays in value-added tax payments and requests for corporate tax refunds, which amounted to 32.9 billion dirhams and 4.7 billion dirhams respectively at the end of December 2023.
These resources were comprised of regular revenues at 53.4%, medium- and long-term loan consumptions at 13.7%, special Treasury accounts revenues at 32.6%, alongside revenues from state-owned enterprises managed independently at 0.3%.
Total state expenditures reached 190.3 billion dirhams, reflecting a realization rate of 26.4% of financial law forecasts. These expenditures were distributed across ordinary budget expenses at 54.2%, investment expenses at 14.7%, special Treasury account issuances at 24.6%, and debt consumptions at 6.4%.
