Rabat — Morocco’s General Treasury shows positive financial results as the country marks the first three months of 2025 with a budget surplus.
The country’s finances remain strong despite global economic challenges.
Strong budget performance
Morocco’s General Treasury reported a positive budget balance of MAD 5.9 billion (about $590 million) at the end of March 2025.
This surplus comes from ordinary resources of MAD 184.1 billion ($19.8 billion) against expenses of MAD 178.2 billion ($19.14 billion).
When adding loan revenues of MAD 29.2 billion ($3.12 billion) and accounting for debt payments of MAD 12.1 billion ($1.29 billion), Morocco’s budget shows an even larger surplus of MAD 23.1 billion ($2.47 billion).
Government revenue sources
The government’s total resources reached MAD 213.4 billion ($22,91 billion) during the first quarter of 2025. This represents 32.4% of what was planned into the Finance Law for the entire year.
Ordinary revenues make up the largest portion at 53.4% of total resources. Special treasury accounts contribute 32.6%, while medium and long-term loans account for 13.7%. Independently managed state services provide the remaining 0.3%.
The Treasury also noted that at the end of December 2023, businesses were still waiting for 32.9 billion dirhams in VAT refunds and 4.7 billion dirhams in corporate tax returns.
Expenditure breakdown
Looking at the larger picture, total government spending reached MAD 190.3 billion ($20,45 billion), or 26.4% of what was planned for the year.
Regular budget expenses formed the majority of spending at 54.2%. Special treasury account payments represented 24.6% of the total, while investment spending accounted for 14.7%. Debt payments make up the remaining 6.4% of government expenditures.
Outlook for 2025
These figures suggest Morocco’s government finances remain on a solid footing as the country moves through 2025.
The first-quarter performance indicates effective financial management and gives the government flexibility to address national priorities for the remainder of the year.
