馃嚥馃嚘MoroccoNorth Africa
Morocco's budget deficit reaches 27 billion dirhams by end of May 2026
via Le Matin2 min read
Morocco's budget deficit reached 27 billion dirhams by the end of May 2026, an increase from 22 billion dirhams during the same period in 2025, according to data from the General Treasury of the Kingdom TGR. This rise is primarily due to a decrease in the ordinary balance, which fell from 11.6 billion dirhams in May 2025 to 2 billion dirhams in May 2026. Special Treasury accounts and autonomously managed State Services also saw an increase, from 13 billion dirhams to 22 billion dirhams over the same period. Ordinary revenues grew by 6.6% year-on-year, totaling 182.6 billion dirhams, up from 171 billion dirhams in May 2025. This growth was driven by a 9.2% increase in tax revenues, reaching 164 billion dirhams. However, non-fiscal revenues declined by 13%, from 20.5 billion dirhams to 17.8 billion dirhams, mainly due to a drop in "other revenues," which include grants, debt expenditure mitigation revenues, and various ministerial revenues. Conversely, ordinary expenditures rose by 13% to 180 billion dirhams. This increase was largely due to a 12.2% rise in goods and services spending, reaching 147 billion dirhams, and a 4% increase in debt interest payments, totaling 17.5 billion dirhams. Investment expenditures also increased by 9.3%, reaching 53 billion dirhams by May 2026, compared to 48 billion dirhams a year prior. The financing need for the period stood at 37 billion dirhams, down from 44.6 billion dirhams in May 2025. To cover this, the government primarily relied on do
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