Balanced Financing Sources
The Treasury's net financing requirements were fulfilled equally by domestic and external markets, with each accounting for 50% of the total. This outcome contrasts sharply with the initial expectations set forth in the 2025 Finance Law, which anticipated a mere 11% contribution from domestic financing and 89% from external sources.
Significant Domestic Financing Achievement
As of the end of 2025, domestic financing for the Treasury reached 37.1 billion dirhams, significantly surpassing the 6.7 billion dirhams forecasted in the 2025 Finance Law. This achievement reflects an impressive realization rate of 5.5 times the initial estimate.
External Financing Performance
In contrast, net external financing amounted to 37 billion dirhams, falling short of the projected 51.5 billion dirhams, resulting in a realization rate of 72%.
Increased Domestic Debt Market Engagement
By the end of December 2025, the Treasury's reliance on the domestic debt market exceeded initial forecasts, with the domestic market capturing half of the annual financing needs, a significant increase from the 11% initially estimated in the 2025 Finance Law.
Budget Deficit and Debt-to-GDP Ratio
The budget deficit was recorded at 60.5 billion dirhams, representing 3.5% of GDP, which aligns closely with the projections outlined in the 2025 Finance Law. Furthermore, the total debt of the Treasury relative to GDP is estimated to have reached 67.2% in 2025, a slight decrease from 67.7% in 2024.
