Madar (Rabat) - Morocco's budget deficit stood at MAD 33.3 billion at the end of September 2026, down from MAD 50.6 billion in the same period last year, according to the quarterly report of the Treasury General of the Kingdom on the execution of the Finance Law, news site Hespress reported on Saturday, October 31, 2026.
According to the same source, ordinary resources excluding borrowing reached MAD 507.3 billion, against charges excluding debt amortisation of MAD 540.5 billion. After MAD 74.5 billion in borrowing receipts and MAD 37.9 billion in debt amortisation, resources exceeded charges by MAD 3.3 billion, compared with MAD 14.7 billion a year earlier.
Total Treasury resources came to MAD 581.8 billion, or 81.6% of forecasts, including MAD 302 billion in tax revenue (80.3%). Corporate tax brought in MAD 92.2 billion, 96% of the MAD 95.6 billion expected for the full year, and income tax MAD 52.7 billion (81%), while indirect taxes reached only 71.9% of forecasts at MAD 120.7 billion. The MAD 6 billion expected from the sale of public stakes has not yet been collected.
Medium- and long-term borrowing totalled MAD 74.5 billion, of which MAD 34 billion was domestic and MAD 40.5 billion external, compared with MAD 102.7 billion at the end of September 2025. Debt service, interest and principal, absorbed MAD 75.4 billion, about 13% of charges.
Total charges reached MAD 578.5 billion (76% of forecasts), including MAD 144.6 billion in staff costs, up from MAD 134.8 billion a year earlier. General budget investment stood at MAD 84.8 billion, an execution rate of 62.3%.
Execution varied widely between departments: 40.4% of MAD 18.3 billion for Equipment and Water, 42.6% of MAD 14.5 billion for Health and Social Protection and 43% for National Education. The Investment, Convergence and Public Policy Evaluation department spent only MAD 13.5 million of MAD 3.5 billion (0.4%), while the Head of Government's office reached 216.8% of its allocation, with MAD 1.98 billion against MAD 0.91 billion planned.
