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The Treasury’s expenditure and revenue report shows a budget deficit of 15.5 billion dirhams at the end of April 2026, compared to a deficit of 11.8 billion dirhams during the same period a year earlier, according to Morocco’s General Treasury of the Kingdom (TGR).
This deficit takes into account a positive balance of 27.9 billion dirhams generated by special Treasury accounts (CST) and state-managed autonomous services (SEGMA), the TGR said in its latest Monthly Bulletin of Public Finance Statistics (BMSFP).
According to the same source, ordinary revenues reached 154.3 billion dirhams, up 7% year-on-year, driven by increases in direct taxes (+9.8%), customs duties (+6.5%), indirect taxes (+11.3%), and registration and stamp duties (+11.5%). Non-tax revenues, however, fell by 20.6%.
Expenditures issued under the general budget totaled 219.4 billion dirhams by the end of April, marking a 12.2% increase compared to the same period last year. This rise was mainly driven by a 14.4% increase in operating expenses and a 19.6% increase in investment spending, alongside a 1.9% decline in budgeted debt charges.
The decline in debt charges reflects a 7.1% drop in principal repayments or amortizations, which stood at 21.8 billion dirhams, despite a 6.1% increase in debt interest payments to 16.2 billion dirhams.
The decrease in principal repayments was mainly due to a 7.5 billion dirhams drop in domestic debt amortizations, partially offset by a 5.9 MMDH increase in external debt amortizations.
By the end of April 2026, expenditure commitments, including those not subject to prior commitment approval, reached 369.9 billions, corresponding to an overall commitment rate of 41%, compared to 39% a year earlier. The issuance rate on commitments stood at 77%, up from 76% at the end of April 2025.
Based on collected revenues and issued expenditures, the ordinary balance recorded a surplus of more than 1.63 MMDH during the first four months of 2026.
