The General Treasury: The financial deficit reaches 68.8 billion dirhams by November 2025, with an increase in ordinary revenues of 15.8% and expenditures of 13.5%.
Follow-up
The general budget of the Kingdom of Morocco recorded a deficit of 68.8 billion dirhams at the end of November 2025, compared to 45.7 billion dirhams during the same period last year, according to the General Treasury’s monthly report on public finance statistics.
The Treasury indicated that this deficit includes a positive balance of 10.6 billion dirhams resulting from the specific accounts of the Treasury and state services operating independently.
Raw ordinary revenues reached 366.1 billion dirhams, up from 316.2 billion dirhams at the end of November 2024, marking an increase of 15.8%. This growth is attributed to a 22.4% rise in direct taxes, a 5.4% increase in customs duties, an 11.4% rise in indirect taxes, a 10.4% increase in registration and stamp duties, and a 16.3% increase in non-tax revenues.
As for the general budget expenditures, they amounted to 505.5 billion dirhams by the end of November, reflecting a 13.5% rise compared to 2024. This increase is due to a 16.1% rise in operating expenses, a 19.4% increase in investment expenditures, and a 1.7% rise in debt service included in the budget. The increase in debt service is attributed to an 11.6% rise in interest on debt, while principal repayments decreased by 4.3%.
By the end of November 2025, total expenditure commitments reached 754.4 billion dirhams, with a total commitment rate of 77% and a commitment issuance rate of 91%.
Regarding the specific accounts of the Treasury, revenues reached 186.2 billion dirhams, with transfers of shared investment expenditures from the general budget amounting to 29.8 billion dirhams, while total expenditures amounted to 176.8 billion dirhams, resulting in a total balance for specific accounts of 9.4 billion dirhams.
Concurrently, revenues from state services operating independently recorded 2.823 billion dirhams, compared to 2.505 billion dirhams at the end of November 2024, while expenditures reached 1.627 billion dirhams, reflecting a 7.7% increase compared to the previous year.
The Treasury indicated that the implementation rate of ordinary revenues reached 99.7% of financial law forecasts, while ordinary expenditures were executed at 92.9% and investment expenditures at 82%.
