Casablanca – Morocco mobilized 58.7% of the state resources projected in the 2026 Finance Law by the end of June, according to the Treasury’s quarterly report on budget execution. Total state resources reached MAD 418.2 billion during the first half of the year.
Ordinary revenue accounted for the largest share at MAD 229.7 billion, or 54.9% of total resources, representing 54.5% of the annual forecast. Tax revenue made up 90.9% of ordinary revenue, while non-tax revenue represented the remaining 9.1%.
Medium and long-term borrowing brought in MAD 60.4 billion, equal to 14.4% of total resources and 49.1% of the amount planned for the year. The report said 43% of these borrowings came through the treasury auction market.
Revenue from Special Treasury Accounts reached MAD 126.6 billion, equivalent to 30.3% of total state resources, with an execution rate of 76.2%. Revenue generated by State-Managed Autonomous Services totaled MAD 1.5 billion, reaching 75.2% of annual projections.
Read more: Three Banks Still Dominate Morocco’s Banking Sector
On the spending side, total state expenditure stood at MAD 413.2 billion by the end of June, representing 54.3% of the Finance Law forecasts.
Ordinary spending under the general budget reached MAD 213.6 billion, accounting for more than half of total expenditure. Personnel expenses represented 45.6% of ordinary spending. Investment expenditure totaled MAD 62.2 billion, or 45.7% of the annual allocation.
Special Treasury Account spending amounted to MAD 101.5 billion, while debt repayments reached MAD 35.2 billion, corresponding to 54.9% of the annual forecast.
The report shows a negative budget balance of MAD 20.2 billion before taking borrowing and debt amortization into account. This resulted from ordinary resources, excluding loan proceeds, of MAD 357.8 billion against expenditure, excluding debt amortization, of MAD 377.9 billion.
Once borrowing revenue of MAD 60.4 billion and debt repayments of MAD 35.2 billion were included, budget execution showed an overall surplus of MAD 5 billion. It also recorded a positive ordinary balance of MAD 16 billion.
