Fawzi Lekjaa: Public finances are stabilizing, with a budget surplus of 753 million dirhams
The Minister Delegate in charge of the Budget, Fawzi Lekjaa, revealed that tax revenues saw a significant increase during the first four months of 2025, amounting to 20.45 billion dirhams compared to the same period in 2024, achieving a realization rate exceeding 38%. This reflects the positive dynamics of public finances.
Lekjaa highlighted during a question session in the House of Representatives that the ordinary resources of the general budget experienced a remarkable rise in the past four years, reaching 116 billion dirhams, with an annual growth rate surpassing 13.4%. He considered these positive results indicative of effective management of the financial situation, in accordance with the forecasts approved by Parliament since 2022.
The minister confirmed that this improvement is attributed to a series of structural reforms, particularly regarding corporate tax and value-added tax, as well as the widespread implementation of the withholding tax principle, which has contributed to enhancing tax productivity.
Regarding the year 2025, Lekjaa noted that the situation of expenditures and treasury revenues resulted in a budget surplus of 753 million dirhams by the end of March, while tax revenues rose by 17.4 billion dirhams, marking a growth rate of 21.5% compared to the same period last year, with a realization rate approaching 30.7% of the forecasts outlined in the finance law.
He explained that ordinary expenditures reached 100 billion dirhams by the end of March, due to the implementation of commitments related to social dialogue, health coverage expenses, and direct social support. He pointed out that the current financial situation has allowed for the provision of financial margins, creating space for additional allocations for the general budget amounting to 13 billion dirhams.
Lekjaa emphasized that these additional allocations will be dedicated to ensuring the stability of water and electricity prices, executing agreements related to social dialogue, and boosting investments in public institutions and enterprises. He also reminded that the International Monetary Fund, in its meeting on April 2, 2025, approved the renewal of Morocco’s access to the first tranche of a flexible credit line for two years, amounting to $4.5 billion, which strengthens confidence in the national economy.
