TGR: 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 includes a negative balance of 2.8 billion dirhams from the special treasury accounts (CST) and the state services managed autonomously (SEGMA), as reported by the TGR in its recent Monthly Bulletin of Public Finance Statistics (BMSFP). Ordinary revenues amounted to 310.7 billion dirhams, up from 264.8 billion dirhams at the end of September 2024, marking an increase of 17.4% or 45.9 billion dirhams. This rise is attributed to a 25.1% increase in direct taxes, a 4.2% increase in customs duties, a 10.2% rise in indirect taxes, an 8.1% increase in registration and stamp duties, and a 23.4% increase in non-tax revenues. On the expenditure side, there was an overall increase of 18.9%, driven by an 18.8% rise in goods and services spending, a 13.2% increase in debt interest charges, a 35.9% rise in refunds, tax reductions, and reimbursements, as well as a 24.2% increase in compensation expenditure. Based on collected revenues and issued expenditures, the ordinary balance recorded at the end of September 2025 was positive at 30.494 billion dirhams, compared to a positive ordinary balance of 29.060 billion dirhams a year earlier. By the end of September 2025, spending commitments, including those not subject to prior engagement approval, reached 620.1 billion dirhams, representing an overall commitment rate of 64%, down from 67% at the end of September 2024, with an issuance rate on commitments of 88%, compared to 85% a year earlier. Expenditures issued under the general budget totaled 396 billion dirhams by the end of September 2025, reflecting a 9.1% increase compared to the same period in 2024. This increase is due to a 19.8% rise in operating expenses and a 7.2% increase in investment expenditures, alongside a 14.3% decrease in budgeted debt charges. Regarding the revenues from the special treasury accounts, they reached 141.8 billion dirhams, which includes contributions received from the common investment charges of the general budget amounting to 21.5 billion dirhams, down from 22.6 billion dirhams at the end of September 2024. The issued expenditures were 145.8 billion dirhams, which include the CST's share for refunds, tax reductions, and reimbursements amounting to 4.5 billion dirhams. Additionally, the overall balance of all special treasury accounts is negative at 4 billion dirhams. As for the revenues from SEGMA, they stood at 2.363 billion dirhams, compared to 1.817 billion dirhams at the end of September 2024, marking a 30% increase. In terms of expenditures, they reached 1.156 billion dirhams by the end of September 2025, up from 1.053 billion dirhams at the end of September 2024, reflecting a 9.8% increase.