Morocco’s Budget Deficit Widens to 24.6 Billion Dirhams in May 2021

This deficit is the result of a positive account of 13.8 MMDH recorded by the special Treasury accounts (CST) and the autonomously managed state services (SEGMA). But gross ordinary revenues fell by 5.8% to 97 MMDH and ordinary expenditure made increased by 1.9% to 107.3 MMDH, equivalent to a negative ordinary balance of 10.3 MMDH. This drop in revenue is due to the drop in direct taxes by 2.3% and non-tax revenue by 61%, in addition to the increase in customs duties by 29.3%, indirect taxes by 15.6% and registration and stamp duties by 11.8%, the TGR specified.

Regarding the expenditure made on the general budget, a total of 156.5 MMDH were issued in the first five months of 2021, a decrease of 0.4% compared to the end of May 2020. A situation due to the decrease in investment expenditure by 14.4%, the increase in operating expenses by 1.7% and the budgeted debt charges by 8.1%. As for the CST, the revenues reached 48.5 MMDH, due to the transfers received from the common investment charges of the general budget for 12 MMDH and a revenue of 3.4 MMDH as a social solidarity contribution on profits and income introduced by the 2021 finance law.

For these accounts, the expenditure made is 35.1 MMDH, bringing the figure for all the CST to 13.4 MMDH. For SEGMA, their revenues increased by 8% to 773 million dirhams (MDH) and expenditure fell by 23.5% to 342 MDH in the first five months of 2021.