Rabat – Morocco’s General Treasury (TGR) registered a budget deficit of MAD 14.6 billion ($1.4 billion) at the end of May 2022.
The figure is a significant decrease from the deficit that was recorded at the same time last year, which saw a MAD 24.6 billion deficit.
Gross revenues increased by almost 20%, the TGR noted, saying this was due to a 32% increase in direct tax revenues, as well as increases across the board in customs duties, indirect taxes, and non-tax revenues.
Registration and postage stamps similarly increased to help gross ordinary revenue reach more than MAD 116 billion ($11.6 billion).
Meanwhile, expenditures issued under the general budget reached almost MAD 187 billion ($18.7 billion), registering an increase of close to 20%.
The increase was due to a rise in investment expenditures, as well as operating costs.
Morocco also showed a 45% commitment rate when it comes to its expenditures, compared to 43% last year. The country’s expenditure commitments reached MAD 286 billion ($28.6 billion).
Independently managed government services notably recorded a decrease of almost 20% in revenue, going down from MAD 733 million ($73 million) last year, to around MAD 617 million ($61.7 million) in 2022.
The treasury’s report says that issuances from the country’s compensation fund increased by 148.9% to MAD 15.69 billion ($1.5 billion) at the end of May, representing .
The amount represents more than 90% of the expected issuances for the year.
