Morocco’s Budget Deficit Widens to MAD 50.5 Billion as of September 2025

Morocco’s Treasury (TGR) reported a budget deficit of MAD 50.5 billion at the end of September 2025, compared with MAD 26.6 billion a year earlier, according to its latest monthly public finance bulletin.

This shortfall includes a negative balance of MAD 2.8 billion from special Treasury accounts (CST) and autonomous state-managed services (SEGMA).

Ordinary revenues rose 17.4% year-on-year to MAD 310.7 billion, driven by higher tax and non-tax receipts, while ordinary expenditures increased 18.9% to MAD 280.2 billion, leaving a positive ordinary balance of MAD 30.5 billion.

Revenue growth was supported by increases in direct taxes (+25.1%), indirect taxes (+10.2%), customs duties (+4.2%), registration and stamp duties (+8.1%), and non-tax income (+23.4%).

Total general budget expenditures reached MAD 396 billion, up 9.1% year-on-year, mainly due to a 19.8% rise in operating expenses and a 7.2% increase in investment spending, offset by a 14.3% decline in budgeted debt service.

Interest payments amounted to MAD 37.2 billion (+13.2%), reflecting a 20.4% increase in domestic debt costs (MAD 29.8 billion vs. MAD 24.8 billion) and an 8.8% decrease in external debt interest (MAD 7.4 billion vs. MAD 8.1 billion).

Committed expenditures totaled MAD 620.1 billion, representing an overall commitment rate of 64% versus 67% a year earlier, and an execution rate of 88%, up from 85%.

Special Treasury accounts recorded revenues of MAD 141.8 billion, including MAD 21.5 billion from transfers linked to general budget investment expenditures, while their spending reached MAD 145.8 billion, incorporating MAD 4.5 billion in tax refunds and rebates.

SEGMA entities reported revenues of MAD 2.36 billion (+30%) and expenditures of MAD 1.16 billion (+9.8%).

Taking into account a financing need of MAD 71.7 billion and a positive net external financing flow of MAD 25.7 billion, the Treasury turned to domestic financing for MAD 46 billion.