Public Investment: A Historic Record of 380 Billion Dirhams Expected in 2026

According to the Finance Bill, all components of the public sector will mobilize 380 billion dirhams, an unprecedented level that illustrates the government's intention to support growth and accelerate the Kingdom's structural projects. In contrast, expected revenues are set at 421 billion dirhams. Indirect taxes represent the largest share of the general budget revenues at 39.85%, followed closely by direct taxes and similar levies at 39.33%. Other sources include monopoly revenues (6.53%), registration and stamp duties (5.77%), customs duties (4.31%), various revenues (2.28%), proceeds from the sale of state shares (1.42%), donations and legacies (0.36%), and state domain revenues (0.14%). This overall budget is divided into four main categories: Public Establishments and Enterprises (EEP) will account for 179.7 billion dirhams, nearly half of the total effort. The general budget, Special Treasury Accounts (CST), and autonomously managed State Services (SEGMA) will mobilize 132.8 billion dirhams after neutralizing internal transfers. The Mohammed VI Fund for Investment, the financial arm for productive and industrial development, will inject 45 billion dirhams. Finally, local authorities will allocate 22.5 billion dirhams to their local investment programs. Public enterprises remain at the forefront of national investment with nearly 180 billion dirhams. Their programs will cover strategic sectors such as energy, telecommunications, housing, agriculture, drinking water, electricity, phosphates, and multimodal transport (highways, air, maritime, and rail). These investments, detailed in the specific report attached to the 2026 Finance Bill, aim to enhance the competitiveness of national infrastructure and support the country's energy and digital transition. The Special Treasury Accounts will finance programs focused on integrated territorial development and the modernization of the national road network. Funds will also be directed towards social and sectoral actions in agriculture, forestry, audiovisual, housing, justice, culture, sports, and education. This budgetary framework confirms the convergence between major economic projects and the social priorities of the Kingdom. The 22.5 billion dirhams in investments from local authorities will primarily focus on local infrastructure, including roads, sanitation, cultural and sports facilities, markets, green spaces, and public buildings. These projects aim to improve citizens' living conditions and enhance urban and regional attractiveness. Lastly, the autonomously managed State Services (SEGMA) will mobilize nearly 257 million dirhams, mainly for programs supporting administrative modernization and public service quality.