Morocco records a deficit of 50.5 billion dirhams
The General Treasury of the Kingdom has reported a budget deficit of 50.5 billion dirhams as of the end of September 2025, compared to a deficit of 26.6 billion dirhams the previous year.
In its monthly publication on public finance statistics for September, the Treasury noted that this deficit takes into account a negative balance of 2.8 billion dirhams resulting from the special accounts of the Treasury and state services managed independently.
Gross ordinary revenues reached 310.7 billion dirhams at the end of September, up by 17.4 percent compared to the same period in 2024, while ordinary expenditures increased by 18.9 percent to 280.2 billion dirhams, resulting in a positive ordinary balance of 30.5 billion dirhams.
The growth in ordinary revenues is attributed to an increase in direct taxes (up 25.1 percent), indirect taxes (up 10.2 percent), customs duties (up 4.2 percent), registration and stamp fees (up 8.1 percent), and non-tax revenues (up 23.4 percent).
Regarding the expenditures under the general budget, they amounted to 396 billion dirhams at the end of September, reflecting a rise of 9.1 percent compared to their level a year earlier. This increase is attributed to a 19.8 percent rise in operational expenses and a 7.2 percent increase in investment expenditures, coupled with a 14.3 percent decline in debt service costs included in the budget.
As for debt service obligations, they reached 37.2 billion dirhams (up 13.2 percent) due to a 20.4 percent increase in domestic debt service expenses (29.8 billion dirhams compared to 24.8 billion dirhams), while those for external debt service decreased by 8.8 percent (7.4 billion dirhams compared to 8.1 billion dirhams).
Commitments for expenditures, including those not subject to prior approval, rose to 620.1 billion dirhams, representing an overall commitment rate of 64 percent compared to 67 percent at the end of September 2024, with a disbursement rate on commitments of 88 percent compared to 85 percent a year earlier.
With regard to the special treasury accounts, revenues reached 141.8 billion dirhams, including allocations from the general budget amounting to 21.5 billion dirhams, compared to 22.6 billion dirhams a year earlier.
Expenditures reached 145.8 billion dirhams, including a portion of the special treasury accounts for refunds, exemptions, and amounts reimbursed from taxes, totaling 4.5 billion dirhams.
Independently managed state facilities recorded revenues of 2.36 billion dirhams (up 30 percent) and expenditures of 1.16 billion dirhams (up 9.8 percent).
Considering the financing need of 71.7 billion dirhams and the positive net flow of external financing amounting to 25.7 billion dirhams, the Treasury resorted to internal financing of 46 billion dirhams.
