The Moroccan treasury’s expenditure and resource situation shows a budget surplus of 5.9 billion dirhams (approximately €536 million) at the end of March 2025, compared to 16.8 billion dirhams a year earlier, according to data published by the kingdom’s general treasury (TGR).
Morocco’s budget surplus of 5.9 billion dirhams at the end of March 2025 includes a positive balance of 23.2 billion dirhams from the treasury’s special accounts (CST) and autonomously managed government services (SEGMA).
In terms of revenue, gross ordinary revenue stood at 114 billion dirhams, up 20.2 percent, compared to the end of March 2024. This increase is mainly due to a 40.4 percent increase in direct taxes, a
10 percent increase in indirect taxes, and a 3 percent increase in registration and stamp duties.
Conversely, customs duties and non-tax revenues declined by 0.2 percent and 11.6 percent, respectively.
Ordinary expenditures, for their part, increased by 36.3 percent to reach MAD 103.24 billion, due to the combined effect of a 33.8 percent increase in spending on goods and services, a 40.5 percent increase in debt interest, and a 122.7 percent jump in tax refunds, rebates, and refunds.
At the end of March, the ordinary balance remained positive at MAD 10.7 billion, compared to MAD 19.1 billion for the same period last year.
Overall general budget expenditures reached MAD 143.3 billion, up 35.7 percent, primarily due to increases in operating expenses (+35.9 percent), investment expenses (+15.9 percent), and budgeted debt (+71.2 percent). CST revenues totaled MAD 69.5 billion, of which MAD 13.6 billion came from general budget payments, for expenditures of MAD 46.9 billion. Their balance thus stood at MAD 22.6 billion.
As for SEGMAs, their revenues stood at MAD 686 million (+19.9 percent), compared to expenditures down to MAD 74 million (-35.7 percent).
