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Morocco's Fiscal Deficit Narrows Significantly to MAD 1.18 Billion in April
Morocco's fiscal situation has undergone a remarkable turnaround, showcasing substantial improvement as the budget deficit shrinks to a mere MAD 1.18 billion (approximately $113 million) by the end of April 2024. This figure marks a significant decline from the MAD 10.58 billion deficit recorded during the same period last year, according to the Moroccan Treasury General Report (TGR).
Contributing to this positive outcome is a surplus of MAD 14.3 billion generated by the Special Treasury Accounts (CST) and State Services Managed Autonomously (SEGMA), as highlighted in the TGR's recent Monthly Bulletin of Public Finance Statistics (BMSFP).
On the revenue front, gross ordinary receipts displayed a notable increase, reaching MAD 121.1 billion, a 15.7% rise compared to the end of April 2023. This growth can be primarily attributed to higher direct taxes, customs duties, indirect taxes, registration and stamp duties, as well as non-tax revenues.
Conversely, expenditures under the general budget experienced a slight 0.9% decrease, totaling MAD 156.8 billion, due to a reduction in operating expenses and budgeted debt servicing costs, partially offset by an increase in investment spending. The decline in budgeted debt servicing costs can be attributed to lower principal repayments and higher interest payments on debt.
Despite some fluctuations, expenditure commitments remain under control, with the overall commitment rate showing a slight increase compared to the previous year.
This remarkable fiscal performance underscores Morocco's commitment to fiscal prudence and disciplined public finance management, paving the way for sustainable economic growth and development.