Significant Reduction in Morocco’s Budget Deficit
As of July 2026, Morocco has successfully narrowed its budget deficit to 50.5 billion dirhams, a substantial decrease from the previous year’s figure of 54.7 billion dirhams. This positive shift results from a remarkable revenue increase of 28.2 billion dirhams, which effectively outpaced a 23.9 billion dirham rise in government spending. The data, revealed in the latest Treasury bulletin from the Ministry of Economy and Finance, highlights the country’s improving fiscal health amidst ongoing economic challenges.
Revenue and Expenditure Insights
During this period, Morocco's total revenue reached approximately 253.8 billion dirhams, achieving a realization rate of 58.6% against the targets set by the 2026 finance law, excluding tax refunds and reimbursements. Notably, tax revenues alone accounted for more than 223.8 billion dirhams, reflecting a 10.9% growth rate and a realization rate of 61.1%. Meanwhile, refunds, rebates, and reimbursements, which included contributions from local authorities, surged by nearly 3.6 billion dirhams, totaling 19.2 billion dirhams.
In terms of non-tax revenue, Morocco recorded 27 billion dirhams by the end of July, which included 9.5 billion dirhams from payments made by public establishments and enterprises. Among these, Bank Al-Maghrib contributed 4.3 billion dirhams, while the National Agency for Land Registry, Cadastre, and Cartography provided 2.5 billion dirhams, and OCP accounted for 2.1 billion dirhams. Additionally, innovative financing mechanisms yielded another 9.9 billion dirhams.
On the expenditure side, ordinary spending amounted to 242.6 billion dirhams, representing a 63.9% execution rate and an increase of 30.1 billion dirhams compared to the same period in 2025. This rise was primarily driven by heightened expenditures on goods and services, which increased by 14.4%, along with debt interest payments, which rose by 14%, and compensation charges, which experienced a 10.8% rise. Consequently, the ordinary balance recorded a surplus of 11.1 billion dirhams, albeit lower than the 13.1 billion dirhams surplus noted a year earlier.
Investment spending also saw a notable increase, reaching 69.3 billion dirhams—a 13.9% year-on-year growth—marking a 60.4% realization rate against the 2026 finance law’s projections. Furthermore, Treasury special accounts recorded a surplus of 7.7 billion dirhams, a significant improvement compared to a debit balance of 7 billion dirhams at the end of July 2025.
As reported by northafricapost.com.
