The General Treasury of the Kingdom reported that the execution of the Finance Law at the end of March 2025 resulted in a positive budget surplus of 5.9 billion dirhams.
In its latest quarterly report on the execution of the 2025 Finance Law, the Treasury confirmed that this surplus is attributed to ordinary resources (excluding revenues from loans) amounting to 184.1 billion dirhams and expenditures (excluding debt consumption) totaling 178.2 billion dirhams.
The same source added that, considering loan incomes and debt consumption valued at 29.2 billion dirhams and 12.1 billion dirhams respectively, this execution allowed for a surplus in expenditure resources of 23.1 billion dirhams.
Total state resources during the first quarter of 2025 amounted to 213.4 billion dirhams, representing an achievement rate of 32.4% of the Finance Law projections, noting that overdue amounts related to value-added tax and corporate tax refund requests reached 32.9 billion dirhams and 4.7 billion dirhams respectively by the end of December 2023.
Total state resources are divided into ordinary revenues at 53.4%, medium- and long-term loan expenditures at 13.7%, special treasury account revenues at 32.6%, and revenues from state-managed facilities (SEGMA) at 0.3%.
The total state expenditures reached 190.3 billion dirhams, equivalent to an achievement rate of 26.4% of the Finance Law expectations. These expenditures are divided into ordinary budget expenditures at 54.2%, investment expenditures at 14.7%, special treasury account issuances at 24.6%, and debt consumption at 6.4%.
