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Rabat – Morocco experienced a budget deficit of MAD 64.4 billion ($6.4 billion) by the end of December 2024, according to reports from the Treasury General of the Kingdom (TGR).
In its report, the TGR detailed that the deficit emerged from regular revenues of MAD 563.9 billion (~$56.39 billion)against expenditures of MAD 628.3 billion (~$62.38 billion), excluding debt servicing.
However, when accounting for loan revenues of MAD 158.2 billion (~ $15,82 billion) and debt servicing of MAD 63.5 billion, the government recorded a surplus of MAD 30.3 billion.
Total state resources reached MAD 722.2 billion (~ $72.22 billion) in the fourth quarter of 2024, achieving a 125.7% execution rate compared to the initial financial law projection.
The report also noted significant outstanding payments, including MAD 32.9 billion (~$3.29 billion) in VAT arrears and MAD 4.7 billion (~$469 million) in corporate tax refund claims as of December 2023.
Tax expenditures totaled MAD 691.8 billion (~$69.1 billion), representing an execution rate of 108.4% against financial law forecasts. This higher-than-projected spending reflects the government’s expanded fiscal activities throughout the year.
Ordinary general budget expenditure continued to dominate tax expenditures by MAD 333.3 billion (~$33.33 billion), accounting for 48.2% of total government expenditure. This represents 104.9% of the ordinary general budget expenditure, 49.4% of which was accounted for by personnel costs.
Capital expenditure of MAD 119.6 billion (~$ 11.96 billion) was achieved at 101.2% compared to the initial TGR forecasts. They accounted for 17.3% of total expenditure at the end of December 2024.
These dynamic financial results reflect Morocco’s complex fiscal landscape, balancing increased government spending with revenue collection efforts.
