TGR: A budget deficit of 68.8 billion dirhams at the end of November

The budget deficit reported by the Treasury General of Morocco (TGR) stood at 68.8 billion dirhams at the end of November 2025. This figure accounts for a positive balance of 10.6 billion dirhams generated by special Treasury accounts (CST) and autonomously managed state services (SEGMA), as detailed in the recent Monthly Bulletin of Public Finance Statistics (BMSFP). Gross ordinary revenues reached 366.1 billion dirhams, up from 316.2 billion dirhams at the end of November 2024, marking an increase of 15.8%. This growth is attributed to a 22.4% rise in direct taxes, a 5.4% increase in customs duties, an 11.4% rise in indirect taxes, a 10.4% increase in registration and stamp duties, and a 16.3% rise in non-tax revenues. In terms of general budget expenditures, they amounted to 505.5 billion dirhams by the end of November 2025, reflecting a 13.5% increase compared to the same period in 2024. This rise is due to a 16.1% increase in operating expenses, a 19.4% increase in investment expenditures, and a 1.7% rise in budgeted debt charges. The 1.7% increase in debt charges is explained by an 11.6% rise in debt interest payments, which reached 41.9 billion dirhams compared to 37.5 billion dirhams, alongside a 4.3% decrease in principal repayments, which fell to 60 billion dirhams from 62.7 billion dirhams. The decline in principal repayments is attributed to a decrease in external debt amortization by 10.2 billion dirhams, coupled with an increase in domestic debt amortization by 7.5 billion dirhams. By the end of November 2025, total expenditure commitments, including those not subject to prior engagement approval, amounted to 754.4 billion dirhams, representing an overall commitment rate of 77%, down from 78% at the end of November 2024. The issuance rate on commitments was 91%, compared to 89% a year earlier. Regarding CST revenues, they reached 186.2 billion dirhams, factoring in contributions received from common investment charges of the general budget, which totaled 29.8 billion dirhams, up from 23.5 billion dirhams at the end of November 2024. Issued expenditures amounted to 176.8 billion dirhams, including CST shares for refunds, tax reliefs, and restitutions totaling 6.5 billion dirhams. The overall CST balance stands at 9.4 billion dirhams. Meanwhile, SEGMA revenues were recorded at 2.823 billion dirhams, an increase from 2.505 billion dirhams at the end of November 2024, reflecting a 12.7% rise. Expenditures for SEGMA reached 1.627 billion dirhams by the end of November 2025, compared to 1.511 billion dirhams at the end of November 2024, marking a 7.7% increase. By the end of November 2025, ordinary revenues were realized at 99.7% of the financial law forecasts, ordinary expenditures were executed at 92.9%, and investment expenditures were issued at 82%.