Morocco’s Treasury Deficit Narrows to 48.2 Billion Dirhams by End‑July 2026

According to the General Treasury of the Kingdom (TGR), the implementation of the 2026 fiscal law up to July shows a Treasury deficit of MAD 48.2 billion, an improvement from the MAD 53.7 billion deficit recorded at the end of July 2025.

Key components of the deficit

The deficit figure incorporates a positive balance of MAD 19.4 billion generated by the Treasury’s special accounts (CST) and the autonomously managed State services (SEGMA), against a negative balance of MAD 4.8 billion a year earlier.

Ordinary balance and revenue‑expenditure dynamics

Based on cash receipts and authorized expenditures, the ordinary balance stood at a negative MAD 4.5 billion, compared with a positive MAD 16.5 billion a year ago. Ordinary revenue rose 8.3 % while ordinary spending increased 14.2 %.

Overall spending growth

Total public spending grew 13.3 % year‑over‑year, driven by a 14.2 % rise in ordinary expenses and a 10.2 % increase in committed investment spending, which climbed from MAD 65.4 billion in July 2025 to MAD 72 billion in July 2026.

Drivers of higher ordinary expenses

• Goods and services expenditures up 14.3 %, reflecting a 10.4 % rise in personnel costs and a 19.9 % jump in other non‑personnel items.
• Interest charges on public debt increased 2.7 %.
• Compensation‑related outlays surged 65 %.

Fiscal ratios

The overall commitment ratio reached 58 % and the issuance‑on‑commitment ratio stayed at 85 %, compared with 55 % and 85 % respectively a year earlier.

Financing mix

With a financing need of MAD 54.1 billion and a net positive external financing flow of MAD 26.8 billion, the Treasury covered the remaining MAD 27.4 billion through domestic financing.

These figures were published in the TGR’s July 2026 monthly public‑finance bulletin.