Morocco's Budget Deficit Widens to 30.1 Billion Dirhams

Morocco's treasury resources and expenditures reveal a widening budget deficit, which stood at 30.1 billion dirhams by the end of May 2026. This figure represents an increase from the 26.7 billion dirhams recorded during the corresponding period in the previous year, according to the Ministry of Economy and Finance.

The ministry's report indicates that this development is driven by an 16.6 billion dirham increase in expenditures that outpaced the 13.3 billion dirham growth in revenues. Tax revenues, specifically, saw an 8.4% rise, reaching 13.3 billion dirhams more than in May 2025. However, tax refunds and reductions also increased by 2.4 billion dirhams.

Ordinary expenses climbed to 172.1 billion dirhams, a 45.4% execution rate of the finance law's expectations. This rise was largely due to a 12.5% increase in the cost of goods and services and a 12.9% rise in debt interest payments. Investment spending also saw a significant boost, increasing by 17% to 51.1 billion dirhams, with an execution rate of 44.5%. Despite these figures, special treasury accounts recorded a surplus of 21.7 billion dirhams.