Internal Market's Significant Contribution to Treasury Financing
A recent report by the research center "Commercial Global Research" has highlighted that the treasury's gross financing needs, amounting to 15.5 billion dirhams as of the end of January 2026, have been met to a remarkable extent of 91% by the internal market. This significant coverage indicates a robust domestic financial landscape, which plays a critical role in supporting the government’s fiscal operations.
The report, titled "Budget Focus" for January 2026, also pointed out that the month concluded with a budget deficit of 9.6 billion dirhams, reflecting an increase of 2.8 billion dirhams year-on-year. This situation is attributed to a more pronounced decline in state revenues compared to expenditures during the observed period. Total expenditures remained nearly stable compared to January 2025, showcasing a decrease in goods and services expenses by 9.2 billion dirhams, contrasted with a rise in investments by 2 billion dirhams. Additionally, the treasury's special accounts recorded a surplus of 8.3 billion dirhams, down from 15.8 billion dirhams a year earlier.
Forecasts for Future Financing Needs
On the revenue side, ordinary income decreased by 8.3% (a drop of 2.7 billion dirhams), primarily due to a reduction in income tax collections, which fell by 2.5 billion dirhams. As a result, the ordinary balance recorded a deficit of 2.9 billion dirhams for the first time since February 2025. Looking ahead, "Commercial Global Research" anticipates that the gross financing needs for the treasury will total 144.1 billion dirhams by the end of 2026. The financial law for 2026 forecasts external market coverage of 29.2 billion dirhams, while the remaining amount of 114.9 billion dirhams will be secured from the internal market. Consequently, the projected future gross internal financing needs are estimated at approximately 10.4 billion dirhams per month, a level deemed manageable by the report.
As reported by thevoice.ma.
