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Morocco’s Treasury Surges: Budget Surplus Hits 6.5 Billion MAD by March 2026
<p>Morocco’s Treasury closed the first quarter of 2026 with a budget surplus of 6.5 billion dirhams, up from 5.9 billion a year earlier, driven by an 8.3% rise in ordinary revenue and disciplined spending. Stronger tax receipts and a positive contribution from special treasury accounts signal resilient public finances despite global headwinds.</p>
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Key takeaways from the March 2026 fiscal report
Morocco’s Treasury General Account (TGR) posted a 6.5 billion MAD budget surplus at end-March 2026, outperforming the 5.9 billion recorded twelve months earlier. The improvement stems from a combination of buoyant tax collection and controlled expenditure growth, according to the monthly public-finance statistics bulletin released by the TGR.
Revenue momentum
Gross ordinary revenue reached 123.42 billion MAD, up 8.3% versus March 2025. The breakdown shows:
- Direct taxes: +9.8%
- Indirect taxes: +9.3%
- Registration & stamp duties: +9.6%
Partial offsets came from lower customs duties (-2.1%) and non-tax receipts (-1.8%), but the overall fiscal intake remained robust.
Expenditure discipline
Ordinary spending rose 4.9% to 108.33 billion MAD, driven by:
- Goods & services: +1.9%
- Debt-interest charges: +8.7%
Tax refunds declined 1.4%ordinary balance turned positive at 15.09 billion MAD compared with 10.7 billion a year earlier.
Special accounts & autonomous services
Special Treasury Accounts (CST) and State services managed autonomously (SEGMA) contributed a combined +21.2 billion MAD. CST revenue hit 67.7 billion MAD while expenditure reached 47.3 billion MAD, leaving a net surplus of 20.4 billion MAD. SEGMA receipts rose to 737 million MAD from 608 million in March 2025.
Investment & debt dynamics
Total budgeted expenditure stood at 151.96 billion MAD, up 6% year-on-year, reflecting:
- Operating expenses: +4.5%
- Investment outlays: +6.4%
- Budgetised debt service: +11.7%
Despite higher debt-service costs, the overall fiscal stance remains prudent, with the surplus providing room to absorb future shocks.
Market implications
The stronger-than-expected fiscal position could bolster investor confidence in Moroccan sovereign paper and support the dirham in the FX market. If revenue momentum persists, the government may front-load capital projects or reduce domestic issuance, easing pressure on local yields.