The Treasury’s deficit exceeds 55 billion dirhams
The General Treasury of the Kingdom reported that the situation regarding the Treasury’s expenditures and revenues resulted in a budget deficit of 55.5 billion dirhams at the end of October 2025, compared to a deficit of 40.5 billion dirhams a year earlier.
In its monthly report on public finance statistics for October, the Treasury clarified that this deficit takes into account a positive balance of 11.1 billion dirhams resulting from special Treasury accounts and independently managed state services.
Total regular revenues amounted to 340 billion dirhams at the end of September, reflecting an increase of 16.4%. Meanwhile, ordinary expenditures rose by 17.3% to reach 315 billion dirhams, leading to a positive ordinary balance of 25 billion dirhams.
The growth in ordinary revenues is attributed to increases in direct taxes (23.7%), customs duties (4.8%), indirect taxes (11.5%), registration and stamp fees (10.9%), and non-tax revenues (16.2%).
With respect to general budget expenditures, they reached 461.8 billion dirhams at the end of October, a rise of 12.2% compared to the previous year, attributed to an increase in operational spending by 17.9% and investment spending by 12.3%, alongside a decrease in debt servicing costs by 1.7%.
The Treasury noted that the recorded decrease in debt servicing costs by 1.7% covers a decline of 10.4% in principal repayments (55.3 billion dirhams) and an increase of 13.3% in interest payments (40.3 billion dirhams).
Meanwhile, total expenditure commitments, including those not subject to prior approval, rose to 701.7 billion dirhams, representing an overall commitment rate of 72% and a disbursement rate against commitments of 89%.
On another note, the revenues from special Treasury accounts reached 172.1 billion dirhams, considering the transfers received from co-financed investment expenditures of the general budget, totaling 24.7 billion dirhams.
Additionally, of the expenditures from these accounts, 162.3 billion dirhams were recorded, including payments, exemptions, and tax refunds from special Treasury accounts (6.1 billion dirhams). Thus, the balance of all special Treasury accounts stabilized at 9.9 billion dirhams.
Concerning the revenues from state facilities managed independently, they amounted to approximately 2.66 billion dirhams, marking a growth of 20.6% year-over-year, while expenditures reached 1.42 billion dirhams (an increase of 7.3%).
The Treasury concluded that, at the end of October 2025, the implementation rate of ordinary revenues reached 92.6% of the financial law forecasts, while ordinary expenditures were executed at a rate of 86%, and the disbursement rate for investment expenditures stood at 71.2%.
