State Budget: Deficit Falls to 33.1 Billion Dirhams at End of September

he State budget deficit stands at 33.1 billion dirhams at the end of September 2026, against 52.4 billion a year earlier, according to the Treasury charges and resources statement published by the Ministry of Economy and Finance. Ordinary revenue, net of tax refunds and rebates, reaches 338.9 billion, up 14.8 percent, or 78.3 percent of the finance law forecast. Corporate tax carries most of the rise: 90.2 billion, 24.8 percent more, which means 95.5 percent of the annual target already collected, while income tax edges up 2.2 percent and VAT 8.4 percent. Non-tax revenue climbs to 46.7 billion, of which 20.1 billion comes from innovative financing mechanisms.

Overall spending rises 7 percent to 372 billion, made up of 290.7 billion in ordinary expenditure, up 9.3 percent, and 82.8 billion in investment, up 13.4 percent. Compensation reaches 16 billion, or 115.8 percent of the finance law forecast, largely because of 2.6 billion in direct aid to transport professionals, paid to cushion the rise in fuel prices linked to the Middle East conflict. The Treasury’s financing need falls to 41.4 billion, against 71.7 billion a year earlier, 42.2 percent less. It was covered by 22.1 billion in net domestic debt and 25.2 billion in net external borrowing, of which 23.7 billion was raised on the international financial market. The ordinary balance, in surplus by 48.2 billion against 29.3 billion a year earlier, has thus covered more than half of a public investment that cost 82.8 billion.

Photo: TIM97HA, CC BY-SA 4.0.