Morocco’s Budget Deficit Widens to 15.5 Billion Dirhams by April 2026

The Treasury’s revenue and expenditure situation in Morocco shows a budget deficit of 15.5 billion dirhams (MMDH) at the end of April 2026, compared to a deficit of 11.8 MMDH during the same period a year earlier, according to the General Treasury of the Kingdom (TGR).

This deficit takes into account a positive balance of 27.9 billion dirhams generated by the special Treasury accounts (CST) and the State services managed autonomously (SEGMA), specifies the TGR in its recent Monthly Bulletin of Public Finance Statistics (BMSFP).

Morocco records higher deficit as spending outpaces revenue growth in early 2026

According to the same source, ordinary revenues amounted to 154.3 billion dirhams (+7%), driven by an increase in direct taxes of 9.8%, customs duties of 6.5%, indirect taxes of 11.3% and registration and stamp duties of 11.5%, combined with a decrease in non-tax revenues of 20.6%.

Regarding expenditures issued under the general budget, they amounted to 219.4 billion dirhams at the end of April (+12.2%), due to an increase of 14.4% in operating expenses, 19.6% in investment expenses, combined with a decrease of 1.9% in budgeted debt charges.

The decrease in budgeted debt charges is explained by the 7.1% decrease in principal repayments or amortizations (21.8 billion dirhams), combined with the 6.1% increase in debt interest (16.2 billion dirhams).

The decline in principal repayments covers a decrease in domestic debt amortization of 7.5 billion dirhams and an increase in external debt amortization of 5.9 billion dirhams.

At the end of April 2026, expenditure commitments, including those not subject to prior commitment visa, amounted to 369.9 MMDH, representing an overall commitment rate of 41%, compared to 39% at the end of April 2025 and an issuance rate on commitments of 77% compared to 76% a year earlier.

Based on revenues collected and expenditures made, the ordinary balance was positive by more than 1.63 billion dirhams at the end of the first four months of this year.

Furthermore, the TGR reports that CST revenues in Morocco reached 92.4 billion dirhams, including 20.6 billion dirhams in payments made from the common expenses – Investment – ​​budget. Expenditures totaled 65.5 billion dirhams, including 3.1 billion dirhams in CST contributions for tax refunds, rebates, and reimbursements.

The balance of all these accounts amounts to 26.9 billion dirhams.

As for the SEGMA, their revenues exceeded 1.12 billion dirhams (+2.6%) and their expenses decreased by 24.8% to 176 million dirhams (MDH).

At the end of April 2026, ordinary revenues in Morocco were achieved at 36.7% of the forecasts in the finance law, ordinary expenditures were executed at 39% and investment expenditures were issued at 33%.

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