Morocco : Budget deficit narrows to 26.6 MMDH at end-September

The Treasury's statement of charges and resources showed a budget deficit of 26.6 billion dirhams (MMDH) at the end of September 2024, compared with a deficit of 35.2 MMDH for the same period a year earlier, according to the Kingdom's General Treasury (TGR).

This deficit takes into account a positive balance of 17.3 MMDH generated by the Treasury's special accounts (CST) and the State's autonomously managed services (SEGMA), says the TGR in its recent Bulletin Mensuel de Statistiques des Finances Publiques (BMSFP).

Gross ordinary revenues stood at 264.8 MMDH, up 12.5% compared with the end of September 2023, due to a 13.6% increase in direct taxes, customs duties (+11.8%), indirect taxes (+16.3%), registration and stamp duties (+2.7%), and non-tax revenues (+4.1%).

Ordinary expenditure rose by 2.8%, reflecting an increase in expenditure on goods and services (+6.3%), interest on debt (+18.6%), and a decline in expenditure on compensation (-60.9%).

Expenditure issued under the general budget amounted to 362.9 MMDH at the end of September 2024, down 0.6% on the same period a year earlier, due to a 0.7% increase in operating expenditure and a 5.6% rise in capital expenditure, combined with a 7.9% decrease in budgeted debt charges.

The TGR also reported that expenditure commitments, including those not subject to prior commitment approval, amounted to 557.7 MMDH, representing an overall commitment rate of 67% versus 66% at the end of September 2023, and an issue rate on commitments of 85% versus 88% a year earlier.

TSA revenues amounted to 128.5 MMDH. These revenues take into account payments received from common investment expenses of the general budget amounting to 22.6 MMDH compared with 23.3 MMDH at the end of September 2023.

Issued expenditure amounted to 112 MMDH. This figure includes 3.2 MMDH in tax refunds, rebates, and restitutions. As a result, the balance of all the Treasury's special accounts came to 16.5 MMDH.

As for the SEGMAs, their income fell by 9.4% to 1.81 MMDH and their expenditure by 3.9% to 1.03 MMDH.