Morocco’s budget deficit increases two-fold by May to 2.2 $bln

Morocco’s budget deficit widened to 22.9 billion dirhams ($2.3 billion) at the end of May 2025,up from 11.2 billion dirhams a year earlier,the treasury said.

The deficit was however offset by a positive balance of 14.1 billion dirhams from special treasury accounts and autonomously managed state services.

Total ordinary revenues rose 19.6% year-on-year to 171.4 billion dirhams,driven by higher tax and non-tax receipts.

However,ordinary expenditures surged 24.4% to 159.7 billion dirhams,resulting in a positive ordinary balance of 11.6 billion dirhams.

Overall spending from the general budget increased 23.8% to 232.8 billion dirhams,reflecting higher outlays on operating costs (+25.9%),investment (+26.4%),and public debt servicing (+14.3%).

Debt amortization reached 24.4 billion dirhams,while interest payments totaled 16.8 billion dirhams.

To cover its financing needs of 44.6 billion dirhams,the government relied on 20.8 billion dirhams in net external borrowing and 23.8 billion dirhams from domestic sources.