فاس نيوز ميديا جريدة الكترونية جهوية تعنى بشؤون و أخبار جهة فاس مكناس – متجددة على مدار الساعة
Rabat – Exclusive Report
The General Treasury of the Kingdom, in its monthly bulletin on public finance statistics, revealed a budget deficit of 53.7 billion dirhams (MAD) at the end of last July. This figure represents a significant increase compared to the deficit recorded during the same period in 2023, which stood at 35.3 billion dirhams.
The official bulletin clarified that this deficit takes into account a negative balance of 4.8 billion dirhams recorded in the Treasury’s Special Accounts and in independently managed state facilities.
Rise in Ordinary Revenue and Expenditure
In terms of key financial indicators, gross ordinary revenue grew by 19.2% at the end of July, reaching a total of 241.1 billion dirhams. In parallel, ordinary expenditure increased by 15.4% to reach 185.8 billion dirhams. This resulted in a positive ordinary balance of 16.4 billion dirhams.
The growth in ordinary resources is primarily attributed to a significant improvement in various tax and non-tax revenues. Direct taxes saw an increase of 27.6%, while non-tax revenues surged by 34.4%. Customs duties, indirect taxes, and registration and stamp duties also recorded increases of 1%, 9.6%, and 7.6%, respectively.
Increase in General Expenditure and Details of Debt Burden
Regarding general expenditure, the total expenditure disbursed under the state budget reached 325.3 billion dirhams by the end of July, marking a 5.9% annual increase. This rise is mainly due to a substantial increase in operating expenses (+16.1%) and investment expenditure (+10.5%), while the budgeted debt burden saw a decrease of 19.1%.
On the specifics of debt service, interest expenses rose to 29.3 billion dirhams, an annual increase of 10.8%. This increase is primarily driven by a 17.4% rise in domestic debt interest (reaching 23.68 billion dirhams), whereas external debt interest fell by 10.4% (standing at 5.62 billion dirhams).
Expenditure Commitments and Deficit Financing
Total expenditure commitments, including those not subject to prior visa, rose to 529.2 billion dirhams, representing an overall commitment rate of 55%, compared to 59% in July 2023. The disbursement rate on commitments reached 85%, versus 84% the previous year.
As for the Treasury’s Special Accounts, their revenues amounted to 116.9 billion dirhams, while their expenditures reached 122.7 billion dirhams. Separately, independently managed state facilities generated revenues of 1.86 billion dirhams (+33.8%), with their expenditures totaling 793 million dirhams.
To cover the total financing needs of 74.7 billion dirhams—a portion of which was met by a net positive inflow of external financing amounting to 25.1 billion dirhams—the Treasury resorted to domestic financing amounting to 49.7 billion dirhams to bridge the remaining gap.
