The Council of the Superior Court of Accounts has revealed in its report on the execution of the 2023 Finance Law a noticeable improvement in the budget deficit, which has decreased to 64.2 billion dirhams (4.4% of the gross domestic product) compared to 5.4% in 2022. This improvement is attributed to an increase in tax and non-tax revenues, the achievement of a surplus in special accounts, and the mobilization of innovative financing amounting to 25.4 billion dirhams.
Despite the rise in treasury debt to more than 1.016 trillion dirhams, an increase of 7.5%, the debt-to-GDP ratio has decreased from 71.6% to 69.5%. Domestic debt dominates the debt structure at 75%, reflecting a focus of financing policies on the national market.
The regular budget resources reached 338.3 billion dirhams, marking a 10% increase compared to 2022, and exceeded the Finance Law projections by 14%.
There were significant increases in direct and indirect taxes, as well as registration and stamp fees, which surged by 24.8%. Non-tax revenues also rose to 63.4 billion dirhams.
Final expenditure appropriations reached 547.8 billion dirhams, a large portion of which was allocated to support purchasing power and finance vital projects such as water, electricity, and tourism. Actual expenditures stood at 532.9 billion dirhams, including 119.2 billion dirhams for investment (+24.1%). However, the investment execution rate did not exceed 82.5% due to technical and administrative difficulties in some sectors.
The report highlighted shortcomings in the implementation of performance efficiency strategies, weak internal control, and limited investment in self-managed state facilities (only 24% of appropriations).
The council recommended that the government improve the accuracy of revenue forecasts, reconsider tax expenditures, reduce special accounts, and enhance investment management through a national strategy and an effective information system to track projects.
