Rabat – Morocco’s Treasury’s financing requirement stood at MAD 15.5 billion ($1.69 billion) at the end of January 2026, down from MAD 26.2 billion ($2.86 billion) a year earlier, according to the Treasury’s Charges and Resources Report released by the Ministry of Economy and Finance.
This improvement comes as the budget deficit widened to MAD 9.6 billion ($1.05 billion), compared with MAD 6.9 billion ($752.27 million) in January 2025. The report shows that ordinary revenues reached MAD 29.8 billion ($3.25 billion), marking an 8.3% decline year-on-year.
Tax revenues totaled MAD 27.9 billion ($3.04 billion), down 9.4% compared with the same period.
Corporate tax revenues rose by 17.4% to MAD 2.55 billion ($278.01 million). In contrast, income tax revenues fell by 24.4%, reflecting an exceptional receipt recorded in January 2025, under a voluntary tax regularization measure.
Value-added tax revenue declined by 9.1%, affected by lower domestic and import VAT collections. Customs duties dropped by 26.3%, while registration and stamp duties increased by 16.5%.
Non-tax revenues rose by 19% to MAD 1.3 billion ($141.73 million).
On the expenditure side, ordinary spending amounted to MAD 32.7 billion ($3.57 billion), down 22.4% from January 2025. This decrease was mainly driven by lower spending on goods and services and reduced compensation charges.
Interest payments on public debt increased by 42.5%, reflecting higher interest on domestic debt.
Investment spending reached nearly MAD 15 billion ($1.64 billion), up 15.1% year-on-year. Special Treasury accounts posted a surplus of MAD 8.3 billion ($904.7 million), compared with MAD 15.8 billion ($1.72 billion) a year earlier.
To cover its financing needs, the Treasury raised MAD 11.7 billion ($1.28 billion) on the domestic market and recorded net external borrowing of MAD 1.4 billion ($152.63 million). Domestic debt flows included MAD 19.7 billion ($2.15 billion) in subscriptions and MAD 8 billion ($872.2 million) in principal repayments.
External debt flows consisted of MAD 2.3 billion ($250.76 million) in drawdowns and MAD 877 million ($95.61 million) in amortizations.
The Treasury reports the Finance Law implementation in flow terms, in line with international public finance statistics standards, detailing revenues, expenditures, the deficit, and the mobilized financing to cover it.
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