Morocco Budget Deficit Nears Zero Without Debt Interest

The State’s ordinary revenues reached 248.5 billion dirhams between January and June 2026, up 14.4% year on year. Total spending, however, rose by 15%, to nearly 287 billion dirhams.

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At the end of the year’s first six months, the budget deficit thus stood at 23.972 billion dirhams, compared with 30.837 billion during the same period of 2025.

81 million instead of 24 billion

Almost all of this deficit corresponds to the interest paid by Morocco on its debt. These payments cost 23.891 billion dirhams in the first half of the year, an annual increase of 16.3%.

Once this interest is excluded from the calculation, Morocco’s primary budget balance shows a deficit of only 81 million dirhams, compared with more than 10.2 billion one year earlier.

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Bank Al-Maghrib’s weekly indicators therefore show that State revenues now cover almost all of its spending, with the exception of debt-servicing costs.