Casablanca — Morocco recorded a budget deficit of MAD 15.5 billion by the end of April 2026, compared to MAD 11.8 billion during the same period last year, according to the Treasury General of the Kingdom’s latest monthly public finance bulletin.
The deficit takes into account a positive balance of MAD 27.9 billion generated by special Treasury accounts and state-managed autonomous services.
Ordinary revenues reached MAD 154.3 billion, up 7% year-on-year. The increase was driven by stronger tax revenues across several categories. Direct taxes rose by 9.8%, indirect taxes increased by 11.3%, customs duties climbed 6.5%, while registration and stamp duties were up 11.5%.
At the same time, non-tax revenues fell by 20.6%.
State spending continued to grow during the first four months of the year. Expenditures issued under the general budget stood at MAD 219.4 billion by the end of April, marking a 12.2% increase compared to a year earlier.
Operating expenses rose 14.4%, while investment spending jumped 19.6%. Budgeted debt charges, however, declined by 1.9%.
The drop in debt charges was linked to a 7.1% decrease in principal repayments, which stood at MAD 21.8 billion, despite a 6.1% increase in debt interest payments to MAD 16.2 billion.
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The fall in principal repayments reflected a decrease of MAD 7.5 billion in domestic debt amortization, alongside an increase of MAD 5.9 billion in external debt amortization.
By the end of April, spending commitments, including those not subject to prior commitment approval, reached MAD 369.9 billion. This represented an overall commitment rate of 41%, compared to 39% a year earlier. The issuance rate on committed expenditures reached 77%, against 76% in April 2025.
Based on collected revenues and issued expenditures, the ordinary balance remained positive at more than MAD 1.63 billion during the first four months of the year.
The Treasury also said revenues from special Treasury accounts reached MAD 92.4 billion, including MAD 20.6 billion transferred from the common expenditure chapter for investment. Issued expenditures from these accounts stood at MAD 65.5 billion, including MAD 3.1 billion related to tax refunds, rebates, and restitutions.
The overall balance of these accounts reached MAD 26.9 billion.
Revenues from state-managed autonomous services exceeded MAD 1.12 billion, up 2.6%, while their expenditures dropped 24.8% to MAD 176 million.
At the end of April, ordinary revenues had reached 36.7% of Finance Law forecasts, while ordinary spending execution stood at 39%. Investment expenditures reached 33% of projected levels.
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