Morocco’s budget deficit widens to $6.9 billion by end of November

Morocco’s budget deficit widened to 68.8 billion dirhams ($6.9 billion) by the end of November 2025, up from 45.7 billion dirhams a year earlier, according to figures released by the Treasury Department.

In its monthly public finance bulletin, the Treasury said the deficit figure takes into account a surplus of 10.6 billion dirhams generated by special Treasury accounts and autonomously managed state services.

Gross ordinary revenue reached 366.1 billion dirhams at the end of November, up from 316.2 billion dirhams over the same period in 2024, representing an increase of 15.8%.

The revenue growth was driven by higher direct taxes, which rose 22.4%, customs duties, up 5.4%, indirect taxes, up 11.4%, registration and stamp duties, which increased 10.4%, and non-tax revenue, which climbed 16.3%, the Treasury said.

Spending under the general budget totaled 505.5 billion dirhams by the end of November, an increase of 13.5% compared with the same period last year. The rise was attributed to higher operating expenditures, which grew 16.1%, investment spending, up 19.4%, and debt servicing costs included in the budget, which increased 1.7%.

The increase in debt servicing costs was mainly due to an 11.6% rise in interest payments, which reached 41.9 billion dirhams, compared with 37.5 billion dirhams a year earlier. This was partially offset by a 4.3% decline in principal repayments, which fell to 60 billion dirhams from 62.7 billion dirhams.

The reduction in principal repayments reflected a 10.2 billion dirham drop in external debt amortization, alongside a 7.5 billion dirham increase in domestic debt repayments.

By the end of November 2025, total expenditure commitments, including those not subject to prior approval, reached 754.4 billion dirhams, corresponding to an overall commitment rate of 77%, compared with 78% a year earlier. The issuance rate on commitments stood at 91%, up from 89% at the end of November 2024.

Revenue from special Treasury accounts amounted to 186.2 billion dirhams, including 29.8 billion dirhams in transfers from joint investment expenditures under the general budget, compared with 23.5 billion dirhams a year earlier. Total spending under these accounts reached 176.8 billion dirhams.

These revenues included 6.5 billion dirhams allocated to tax refunds, exemptions and reimbursements. The overall balance of all special Treasury accounts stood at 9.4 billion dirhams, the Treasury said.

Meanwhile, revenue generated by autonomously managed state services rose to 2.82 billion dirhams, up 12.7% from 2.51 billion dirhams at the end of November 2024, while spending increased 7.7% to 1.63 billion dirhams.

The Treasury said that, by the end of November, ordinary revenue execution reached 99.7% of the targets set in the 2025 finance law, while ordinary expenditure execution stood at 92.9%, and investment expenditure issuance reached 82%.