Agadir – Morocco’s budget deficit narrowed to MAD 24 billion ($2.4 billion) by the end of June 2026, compared with MAD 30.8 billion ($3.1 billion) during the same period a year earlier, according to the Ministry of Economy and Finance.
The improvement in the Treasury’s revenue and expenditure situation (SCRT) was driven by a stronger increase in revenues, which rose by MAD 30 billion, exceeding the MAD 23.2 billion rise in expenditures, the ministry said in its latest SCRT report.
Revenues reached MAD 225.2 billion by the end of June, after accounting for tax refunds, rebates, and reimbursements, representing an execution rate of 52% of the forecasts set under the 2026 Finance Law.
Tax revenues remained the main source of Treasury income, totaling more than MAD 197.7 billion, up 11.8% year-on-year, with an execution rate of 54%.
Tax refunds, rebates, and reimbursements, including the share covered by local authorities, increased by nearly MAD 3 billion to reach MAD 17.3 billion.
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Non-tax revenues also recorded significant growth, rising by 55.3% to MAD 24.9 billion. These revenues included MAD 7 billion from public establishments and companies, including MAD 4.2 billion contributed by Bank Al-Maghrib and MAD 2.5 billion from the National Agency for Land Conservation, Cadastre and Mapping (ANCFCC).
Additional non-tax revenues came from innovative financing mechanisms, which generated MAD 9.9 billion, while miscellaneous ministry revenues amounted to MAD 6.9 billion.
On the expenditure side, ordinary spending reached MAD 203.9 billion by the end of June, representing an execution rate of 53.7% and an annual increase of 14.7%.
The rise was mainly driven by higher spending on goods and services, which increased by 14.9%, debt interest charges, which rose by 16.3%, and compensation costs, which grew by 10%.
The evolution of ordinary revenues and expenditures resulted in an ordinary surplus of MAD 21.3 billion, compared with MAD 17.5 billion during the same period in 2025.
Meanwhile, investment expenditures amounted to MAD 59.8 billion, marking a 20.2% increase compared with the first six months of 2025. Their execution rate stood at 52.1% of the annual forecasts under the 2026 Finance Law.
