Rabat – Morocco’s General Treasury (TGR) recorded a budget deficit of MAD 63,6 billion ($6.8 billion) at the end of December 2021 while examining the situation of expenses and resources.
The data published in TGR’s monthly report on finance statistics in Morocco for the month of December 2021 shows a notable decrease in the budget deficit, which was of MAD 82 billion ($8.8 billion) a year prior.
Statistics from TGR show that the deficit takes into account a “positive balance of MAD 15.8 billion [$1.6 billion]” from the Special Accounts of Treasury (CST) and the Services of the State Managed Autonomously (SIGMA).
The report noted an increase of 4.7% in gross ordinary revenues, standing at MAD 261 billion ($28 billion).
TGR’s data detailed that the execution of the finance law shows a positive ordinary balance of MAD 2.9 billion ($311 million). The result is due to an increase in customs duties (26.4%), indirect taxes (16.3%), registration and stamp duties (19.3%).
Direct taxes and non-tax revenues, however, fell by 2.3% and 13.4% respectively.
Expenditure issued under the general budget stood at MAD 389.9 billion ($41 billion) at the end of December 2021, showing a decrease of 3.1% compared to the same period a year earlier.
TGR attributed the decline to the 8.5% decrease in investment expenditure and 19.9% in budgeted debt charges, combined with the 6.8% increase in operating expenses.
Morocco’s expenditure commitments, involving those not subject to prior commitment approval, amounted to MAD 549 billion ($58 billion) at the end of December 2021.
The sum represents an overall commitment rate of 86%, the same rate registered in December 2020.
“The issue rate on commitments was 92% compared to 93% a year earlier,” TGR’s report noted, adding that the revenues of the CST reached MAD 129.7 billion ($13 billion).
CST revenues take into account the payments received from the common investment expenses of Morocco’s general budget for MAD 26 billion ($2.7 billion) against MAD 25.1 billion ($2.6 billion) at the end of December 2020, in addition to a revenue of MAD 4 billion ($429 million) under the social solidarity contribution on profits and income established by the 2021 finance bill.
The balance of all the special accounts of the Treasury amounts to MAD 15.7 billion ($1.6 billion).
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