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Morocco’s Budget Deficit Reaches $3bn in August

Morocco’s Budget Deficit Reaches $3bn in August

Tuesday, 20 September, 2022 - 10:15
Morocco recorded a budget deficit of 30.4 billion dirhams by late August 2022. (Reuters)

Morocco’s Ministry of Economy and Finance said Monday that the situation of the Moroccan Treasury's expenses and resources indicated a budget deficit of 30.4 billion dirhams ($3 billion) by August 31, against 43.3 billion dirhams ($4.3 billion) a year earlier.

Also, tax revenues showed a good overall performance, with an increase of 19.8%, recording a realization rate of 75.1% despite the increase in refunds, rebates and tax refunds, which have amounted to 9.4 billion dirhams.

The non-tax revenues amounted to nearly 23.4 billion dirhams.

Revenues from public institutions and companies reached 7.1 billion dirhams, including four billion dirhams paid by OCP Group, 2.2 billion dirhams by the National Agency of Land Conservation, Cadaster and Cartography (ANCFCC) and 505 million dirhams by Bank Al-Maghrib.

The other revenues amounted to 16.3 million dirhams, including 10.2 million dirhams from innovative financing.

Expenditure on goods and services also increased by 1.9 billion dirhams for “other goods and services” and 3.3 billion dirhams for personnel costs.

Interest on debt rose by 940 million dirhams to 23.4 million dirhams, reflecting an increase in interest on domestic debt (+1 million dirhams) and a slight decline in interest on foreign debt (-61 million dirhams).

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