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Moroccan Treasury Shows Record 68.8 Billion Dirham Budget Deficit by End‑November 2025
The General Treasury of the Kingdom disclosed a sharp rise in the budget deficit, reaching 68.8 billion dirhams at the end of November 2025 – up from 45.7 billion dirhams a year earlier. While tax collections and non‑tax revenues grew strongly, both operating and investment spending also accelerated, pushing total outlays to 505.5 billion dirhams. Debt‑service costs rose modestly as interest payments increased, even though principal repayments fell. Overall, revenue collection achieved 99.7 % of the Finance Law target, but spending execution lagged behind, especially on investment projects (82 % of planned outlays). The report also highlights the performance of special treasury accounts (CST) and the autonomously managed state services (SEGMA).
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Overview
The General Treasury of the Kingdom (TGR) reported a budget deficit of 68.8 billion dirhams (MMDH) at the end of November 2025, up from 45.7 billion dirhams a year earlier.
Revenue performance
Gross ordinary revenues reached 366.1 billion dirhams, a 15.8 % increase versus the same period in 2024. The rise is driven by:
- Direct taxes + 22.4 %
- Customs duties + 5.4 %
- Indirect taxes + 11.4 %
- Registration and stamp duties + 10.4 %
- Non‑tax revenue + 16.3 %
Expenditure breakdown
General‑budget outlays amounted to 505.5 billion dirhams, 13.5 % higher than November 2024. The increase stems from:
- Operating expenses + 16.1 %
- Investment spending + 19.4 %
- Budgeted debt service + 1.7 %
Debt service dynamics
The 1.7 % rise in debt‑service charges reflects an 11.6 % jump in interest payments (41.9 billion vs 37.5 billion dirhams) while principal repayments fell 4.3 % to 60 billion dirhams, down from 62.7 billion.
Amortisation declined because external‑debt repayment fell by 10.2 billion dirhams, partially offset by a 7.5 billion increase in domestic‑debt amortisation.
Commitments and spending execution
By the end of November 2025, total spending commitments—including those not subject to prior approval—reached 754.4 billion dirhams, representing a 77 % overall commitment rate (vs 78 % a year earlier). The issuance‑on‑commitments ratio improved to 91 % from 89 %.
Special Treasury Accounts (CST) and Autonomous State Services (SEGMA)
CST revenues hit 186.2 billion dirhams, including 29.8 billion dirhams received from the general‑budget investment charge. Expenditures were 176.8 billion dirhams, leaving a net balance of 9.4 billion dirhams after accounting for tax refunds and reimbursements (6.5 billion).
SEGMA recorded revenues of 2.823 billion dirhams (+12.7 % YoY) and expenditures of 1.627 billion dirhams (+7.7 % YoY).
Budget execution
Ordinary revenues reached 99.7 % of the Finance Law forecasts, while ordinary expenditures were executed at 92.9 % and investment spending at 82 % of the planned amounts.