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Morocco’s May 2026 Budget Gap Swells to 30.1 Billion Dirhams
Morocco’s Treasury reports a widening fiscal deficit of 30.1 billion dirhams at the end of May 2026, up from 26.7 billion dirhams a year earlier. While revenues grew by 13.3 billion dirhams (+8.4 %), expenditures rose faster, increasing by 16.6 billion dirhams (+12 %). The gap is reflected in a negative ordinary balance of 679 million dirhams and a modest rise in investment spending to 51.1 billion dirhams.
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Budget Deficit at the End of May 2026
The Treasury’s “Charges and Resources” statement (SCRT) for May 2026 shows a fiscal deficit of 30.1 billion dirhams (bn MAD), up from 26.7 bn MAD a year earlier, according to the Ministry of Economy and Finance.
Revenue Side
Overall revenues, net of tax refunds, rebates and restitutions, reached 39.6 % of the budget‑law forecast, growing by 13.3 bn MAD (+8.4 %) versus the same period in 2025.
- Tax revenue: 42.5 % of the forecast, up 11.6 bn MAD (+8 %).
- Refunds, rebates and restitutions (including the share borne by local authorities): +2.4 bn MAD, totalling 13.7 bn MAD.
Expenditure Side
Ordinary expenditures hit 172.1 bn MAD, representing a 45.4 % execution rate and an increase of 18.2 bn MAD over May 2025.
- Goods and services: +16.2 bn MAD (+12.5 %).
- Debt‑interest payments: +2 bn MAD (+12.9 %).
- Compensation charges: stabilised at 9.1 bn MAD.
The ordinary balance turned negative, with a deficit of 679 million dirhams (MDH) compared with a surplus of 4.3 bn MAD a year earlier.
Investment Spending
Investment outlays rose 17 % to 51.1 bn MAD, achieving a 44.5 % realization rate against the 2026 budget plan.
Special Treasury Accounts
Special Treasury accounts (CST) posted a surplus of 21.7 bn MAD, versus +12.7 bn MAD at the end of May 2025.
The SCRT is the statistical document that aggregates the Ministry’s execution of the finance law and compares it with the same period of the previous year, following international public‑finance statistical standards.