Budget deficit of 48.1 billion dirhams at the end of November

The situation of Treasury expenses and resources (SCRT) at the end of November 2022 shows a budget deficit of 48.1 billion dirhams (MMDH), an improvement of more than 15.2 billion dirhams compared to the same period of 2021, according to the Ministry of Economy and Finance.

Compared to the forecasts of the Finance Law (LF), ordinary revenue recorded an achievement rate exceeding 102% in parallel with an execution rate of 94.6% for overall expenditure, indicates the ministry in a document on the situation. Treasury expenses and resources for the month of November 2022.

At retail, revenue recorded, on a net basis of tax refunds, reliefs and refunds, an increase of nearly 51.6 billion dirhams or 23.7%, compared to the end of November 2021.

Tax revenue showed good performance overall, with an achievement rate of 101.2%, and an increase of 34.2 billion dirhams or 17.9%, despite the increase in refunds, tax relief and refunds taxes which related to a total amount of nearly 16.1 billion dirhams, against 10.6 billion dirhams at the end of November 2021.

For their part, non-tax revenue, amounting to nearly 40.6 billion dirhams, recorded an achievement rate of 113% compared to the forecasts of the FL.

The SCRT also shows an increase in ordinary expenditure of nearly 31.7 billion dirhams (+13.9%) and an execution rate of 99%.

Compared to the end of November 2021, this change is mainly due to the increase in compensation costs (+20 billion dirhams) and expenses for goods and services (+10.4 billion dirhams).

The increase in compensation costs is attributable, in particular, to the rise in the price of butane gas, which reached an average of $754/T against nearly $626.9/T at the end of November 2021. These costs, which amounted to 38.6 billion dirhams, include subsidies granted to professionals in the transport sector for an amount of nearly 4 billion dirhams, as part of the measures decided by the Government to deal with the increase in the price of energy products .

The increase in expenditure on goods and services covers an amount of nearly 5.9 billion dirhams under “other goods and services” and an amount of 4.5 billion dirhams under staff costs.

Debt interest, for its part, increased by 1.3 billion dirhams to stand at 27.3 billion dirhams, resulting from an increase in interest on the domestic debt (+1.2 billion dirhams) and, in a to a lesser extent, interest relating to the external debt (+150 million dirhams MDH).

These changes in ordinary revenue and expenditure resulted in a positive ordinary balance of 10 billion dirhams, against a negative balance of nearly 10 billion dirhams at the end of November 2021.

With regard to investment expenditure, issues reached 75.1 billion dirhams, against nearly 60.8 billion dirhams a year earlier. Compared to the LF 2022 forecasts, their achievement rate was almost 96.3%.

For their part, the special accounts of the Treasury generated a surplus balance of nearly 17.1 billion dirhams, against nearly 7.5 billion dirhams at the end of November 2021.

The resources of the special Treasury accounts (CST) take into account an amount of 6.5 billion dirhams corresponding to the proceeds of the Social Solidarity Contribution on profits and income, allocated to the Support Fund for Social Protection and Cohesion social, against nearly 3.9 billion dirhams at the end of November 2021.

The SCRT is the statistical document which presents, on behalf of the Ministry of Economy and Finance, the results of the execution of the forecasts of the LF with a comparison with the achievements of the same period of the previous year.

While the situation produced by the General Treasury of the Kingdom (TGR) is fundamentally accounting in nature, the SCRT apprehends, as recommended by international standards in terms of public finance statistics, the economic transactions carried out during a budgetary period in describing, in terms of flows, ordinary revenue, ordinary expenditure, investment expenditure, the budget deficit, the financing requirement and the financing mobilized to cover this requirement.


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