Morocco's Budget Deficit Swells to 15.5 Billion Dirhams by End of April 2026

The General Treasury of the Kingdom reported a budget deficit of 15.5 billion dirhams at the end of April 2026, up from 11.8 billion a year earlier. While the deficit has widened, a positive balance of 27.9 billion dirhams from special Treasury accounts and autonomous state services cushions the overall picture. Ordinary revenues rose 7 %, driven by higher taxes and duties, whereas non‑tax revenues fell. Expenditure grew 12 %, mainly due to increased operating and investment spending, but budgeted debt charges declined slightly. The ordinary balance turned positive by over 1.63 billion dirhams in the first four months, and the Treasury’s overall engagement rate improved to 41 %.

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