Morocco’s budget deficit stood at 50.5 billion dirhams at the end of July 2026, down from 54.7 billion dirhams a year earlier, as revenue growth of 28.2 billion dirhams outpaced a 23.9 billion dirham rise in spending. The figures come from the latest bulletin on the Treasury’s charges and resources situation, produced by the Ministry of Economy and Finance.
Total revenue reached nearly 253.8 billion dirhams, a 58.6 percent realization rate against the 2026 finance law’s projections, net of tax refunds, rebates and reimbursements. Tax revenue alone, which posted a realization rate of 61.1 percent, came in at more than 223.8 billion dirhams, up 10.9 percent, while refunds, rebates and reimbursements, including the share borne by local authorities, rose by nearly 3.6 billion dirhams to reach 19.2 billion dirhams.
Non-tax revenue totaled 27 billion dirhams by the end of July, including 9.5 billion dirhams in payments from public establishments and enterprises, of which 4.3 billion dirhams came from Bank Al-Maghrib, 2.5 billion dirhams from the National Agency for Land Registry, Cadastre and Cartography, and 2.1 billion dirhams from OCP, alongside 9.9 billion dirhams raised through innovative financing mechanisms.
Ordinary expenditure reached 242.6 billion dirhams by the end of July, a 63.9 percent execution rate and a rise of 30.1 billion dirhams compared with the same point in 2025, driven mainly by higher spending on goods and services, up 14.4 percent, debt interest, up 14 percent, and compensation charges, up 10.8 percent. The resulting ordinary balance showed a surplus of 11.1 billion dirhams, against 13.1 billion dirhams a year earlier.
Investment spending reached 69.3 billion dirhams, up 13.9 percent year-on-year, representing a 60.4 percent realization rate against the 2026 finance law’s forecasts, while Treasury special accounts posted a surplus of 7.7 billion dirhams, compared with a debit balance of 7 billion dirhams at the end of July 2025.
