The Moroccan Treasury has reported a significant budget deficit reaching 35.2 billion dirhams (approximately $5.9 billion) by the end of July 2024, an increase from last year’s deficit of 27.7 billion dirhams during the same period.
This figure was disclosed in the latest monthly bulletin on public finance statistics released by the Treasury.
The deficit incorporates a positive balance of 16.3 billion dirhams from the treasury’s special accounts and autonomously managed state facilities.
The Treasury highlighted a robust growth in gross ordinary revenues which amounted to 202.3 billion dirhams, marking an 11.4% increase.
This rise is attributed to a 13.3% increase in direct taxes, 10.8% in customs duties, 12.4% in indirect taxes, 1.5% in registration fees and stamps, and 7.8% in non-tax revenues, as reported by “Morocco Economic”.
Expenditures from the general budget have also risen by 4.5% compared to the end of July 2023, reaching 307.2 billion dirhams. This increase is primarily due to a 6.5% rise in operating expenses and an 11.3% surge in investment expenses, despite a 3.8% reduction in debt service costs.
The total commitments of expenditures, including those not subject to pre-commitment verification, reached 474.9 billion dirhams, representing a total commitment rate of 59%, up from 56% at the end of July 2023. The issuance rate of commitments stood at 84%, compared to 83% the previous year.
The issued expenditures amounted to 88.9 billion dirhams, which includes the share of recoverable special treasury accounts, tax exemptions, and tax refunds totaling 2.7 billion dirhams.
Consequently, the balance of the treasury’s special accounts stood at 15.7 billion dirhams. Meanwhile, the revenue from autonomously managed state facilities totaled 1.392 billion dirhams, down by 12.9%, while their expenditures reached 763 million dirhams, a decrease of 2.6%.
