Morocco’s Budget Execution June 2026: Deficit Narrows to 20.2 MMDH

The execution of the Finance Law (LF) at the end of June 2026 reveals a negative budget balance of 20.2 billion dirhams (MMDH) in Morocco, compared with a deficit of 24.9 MMDH recorded during the same period in the previous year, according to data published by the General Treasury of the Kingdom (TGR).

This budget balance is explained by the level of ordinary resources, excluding loan receipts, which reached 357.8 MMDH, while expenditures, excluding debt amortization, amounted to 377.9 MMDH. These figures were detailed by the TGR in its latest quarterly report dedicated to the execution of the Finance Law for 2026.

Morocco records a reduced budget deficit and steady resource performance by mid-2026

When taking into account loan receipts of 60.4 billion dirhams and debt repayments totaling 35.2 billion dirhams, the execution of the Finance Law results in a surplus of resources over expenditures amounting to 5 billion dirhams. This outcome is also highlighted in the same report issued by the Treasury.

Concerning the overall resources of Morocco during the second quarter of 2026, they reached a total of 418.2 MMDH. This represents an achievement rate of 58.7% compared to the forecasts set out in the Finance Law. This performance is considered while noting that arrears related to value added tax (VAT) refunds and corporate income tax (CIT) refund claims stood at 33.5 MMDH and 2 MMDH respectively as of the end of December 2025.

The composition of these resources shows that ordinary revenues in Morocco account for the largest share at 54.9%. Revenues from medium and long-term loans contribute 14.4%, while revenues from special Treasury accounts (CST) represent 30.3%. Revenues generated by State services in Morocco managed autonomously (SEGMA) account for a smaller portion, representing 0.4% of the total.

On the expenditure side, total government spending reached 413.2 billion dirhams, corresponding to an achievement rate of 54.3% relative to the projections of the Finance Law. The breakdown of these expenditures indicates that ordinary expenditures under the general budget represent 51.7% of the total. Investment expenditures account for 15.1%, while issuances from special Treasury accounts (CST) represent 24.6%. Finally, debt amortization in Morocco constitutes 8.5% of total government expenditure.

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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