Morocco’s economy has demonstrated resilience in the first four months of 2026, with public finances remaining stable despite a challenging global environment, Budget Minister Fouzi Lekjaa said Tuesday.
Speaking before the House of Councillors, Lekjaa said the implementation of the 2026 finance law through the end of April reflects “a real and positive picture” of the national economy’s strength and the soundness of public financial balances.
He noted that the recorded indicators show the country’s financial management capacity to withstand exceptional international conditions marked by geopolitical tensions, particularly in the Middle East, and disruptions to global supply chains, including in strategic chokepoints such as the Strait of Hormuz.
Lekjaa said Morocco’s foreign currency reserves reached 469.8 billion dirhams by the end of April, up 23.4% year-on-year, covering nearly six months of imports. He also pointed to positive prospects for the agricultural season, with cereal production expected to reach 90 million quintals, a factor that could help push economic growth above 5.3% in 2026.
Despite the International Monetary Fund lowering global growth forecasts in its April report, the minister said Morocco has maintained its economic momentum.
On public finances, Lekjaa reported an increase in tax revenues of 10.4 billion dirhams, or 8.5%, by April 30, achieving 36.3% of annual targets. Corporate tax revenues posted particularly strong growth, rising by 9.1 billion dirhams, a 25% increase, with nearly half of projected revenues already collected.
Value-added tax revenues increased by 1.3 billion dirhams, while registration and stamp duties rose by 1 billion dirhams. Domestic consumption taxes also grew by 854 million dirhams, indicating sustained internal demand, according to the minister.
Lekjaa said the government continues to intervene directly to support purchasing power, allocating monthly subsidies of 600 million dirhams for butane gas, 650 million dirhams for transport prices and 300 million dirhams for electricity costs. These measures are expected to cost the state around 3 billion dirhams in total.
Addressing concerns over additional tax revenues linked to inflation, the minister said VAT-related gains would not exceed 3 billion dirhams, emphasizing that domestic consumption taxes are calculated based on volume rather than price fluctuations.
He reaffirmed the government’s commitment to reducing the budget deficit to 3% of gross domestic product by the end of 2026 and stabilizing public debt at around 66%.
Lekjaa highlighted structural improvements in ordinary revenues, which rose from 256 billion dirhams in 2021 to 424 billion dirhams in 2025, providing greater fiscal space to address crises and expand social investment.
He added that Morocco’s financial position has enabled the renewal of its flexible credit line with the IMF and the maintenance of positive credit ratings from agencies such as S&P Global Ratings and Moody’s. He also noted a four-point improvement in Morocco’s score in the 2025 Budget Transparency Index, reflecting stronger governance and fiscal transparency.
Lekjaa framed these developments against a backdrop of global economic strain since March, citing sharp increases in energy prices, including a 46% rise in oil prices to an average of $102 per barrel, along with significant increases in diesel, butane gas, fuel oil and natural gas prices.
According to IMF projections released in April, global growth is expected to slow to 3.1%, while inflation could rise to 4.4% and global trade growth decline sharply to 1.9%, underscoring the challenging international context in which Morocco’s economy continues to operate.
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