Rabat – Morocco’s Treasury recorded a budget deficit of MAD 50.5 billion ($4.9 billion) by the end of September 2025, nearly double the MAD 26.6 billion ($2.6 billion) registered during the same period last year, according to the General Treasury of the Kingdom (TGR).
The Treasury explained that this deficit includes a negative balance of MAD 2.8 billion ($270 million) from special treasury accounts and state-managed autonomous services.
The figures were published in the TGR’s September edition of the Monthly Public Finance Statistics Bulletin.
Revenue strengthened by tax growth
Gross ordinary revenues stood at MAD 310.7 billion ($30.4 billion), marking an increase of 17.4% compared to last year.
The TGR attributed this rise to higher direct taxes (+25.1%), indirect taxes (+10.2%), customs duties (+4.2%), registration and stamp duties (+8.1%), and non-tax revenues (+23.4%).
Ordinary expenditures rose by 18.9% to MAD 280.2 billion ($27.4 billion), leaving a positive ordinary balance of MAD 30.5 billion ($3 billion).
Expenditures and investments up
Total expenditures under the general budget reached MAD 396 billion ($38.7 billion), reflecting an increase of 9.1% from a year earlier.
This rise resulted from a 19.8% increase in operating expenses and a 7.2% increase in investment spending, along with a 14.3% decrease in budgeted debt charges.
Interest payments on public debt amounted to MAD 37.2 billion ($3.6 billion), up by 13.2%. Of this, MAD 29.8 billion ($2.9 billion) corresponds to domestic debt interest, which rose by 20.4%, while MAD 7.4 billion ($720 million) covers external debt interest, which declined by 8.8%.
Treasury accounts and SEGMA results
Special Treasury Accounts recorded revenues of MAD 141.8 billion ($13.8 billion), including MAD 21.5 billion ($2.1 billion) in transfers from general budget investment expenditures, compared to MAD 22.6 billion ($2.2 billion) a year earlier.
Expenditures from these accounts amounted to MAD 145.8 billion ($14.3 billion), including MAD 4.5 billion ($440 million) in tax refunds and adjustments.
State-managed autonomous services (SEGMA) generated MAD 2.36 billion ($230 million) in revenues – an increase of 30%, while spending MAD 1.16 billion ($110 million) – up by 9.8%.
Treasury turns to domestic borrowing
The Treasury’s financing needs amounted to MAD 71.7 billion ($7 billion). With a positive external financing flow of MAD 25.7 billion ($2.5 billion), the Treasury relied on domestic borrowing for MAD 46 billion ($4.5 billion) to cover the gap.
The figures reflect Morocco’s growing budgetary pressures as public spending continues to rise faster than revenues, despite improved tax performance and stronger external financing flows.
