A budget deficit of 50.5 billion dirhams by the end of September

The budget deficit of 50.5 billion dirhams at the end of September 2025 includes a negative balance of 2.8 billion dirhams from the Treasury's special accounts and the autonomously managed state services, as reported by the Treasury General Directorate (TGR) in its monthly public finance statistics bulletin for September. By the end of September, gross ordinary revenues amounted to 310.7 billion dirhams, reflecting a 17.4% increase compared to the same period in 2024. Meanwhile, ordinary expenditures rose by 18.9% to reach 280.2 billion dirhams, resulting in a positive ordinary balance of 30.5 billion dirhams. The increase in ordinary revenues is attributed to a rise in direct taxes (+25.1%), indirect taxes (+10.2%), customs duties (+4.2%), registration and stamp duties (+8.1%), and non-tax revenues (+23.4%). General budget expenditures totaled 396 billion dirhams by the end of September, marking a 9.1% increase from the previous year. This growth is due to a 19.8% rise in operational expenditures and a 7.2% increase in investment expenditures, alongside a 14.3% decrease in budgeted debt charges. Interest charges on the debt reached 37.2 billion dirhams (+13.2%), driven by a 20.4% increase in domestic debt interest charges (29.8 billion dirhams compared to 24.8 billion dirhams) and an 8.8% decrease in external debt interest charges (7.4 billion dirhams compared to 8.1 billion dirhams). Total expenditure commitments, including those not subject to prior approval, amounted to 620.1 billion dirhams, representing an overall commitment rate of 64%, down from 67% at the end of September 2024. The issuance rate on commitments was 88%, compared to 85% a year earlier. Regarding the Treasury's special accounts, revenues reached 141.8 billion dirhams, which included 21.5 billion dirhams received from the general budget's common investment charges, down from 22.6 billion dirhams the previous year. Total expenditures for these accounts amounted to 145.8 billion dirhams, including 4.5 billion dirhams for refunds, tax reliefs, and reimbursements. The autonomously managed state services generated revenues of 2.36 billion dirhams (+30%) and expenditures of 1.16 billion dirhams (+9.8%). Given a financing need of 71.7 billion dirhams and a positive net flow from external financing of 25.7 billion dirhams, the Treasury resorted to domestic financing for an amount of 46 billion dirhams.