a budget deficit of 24.6 billion dirhams at the end of May

a budget deficit of 24.6 billion dirhams at the end of May

The situation of Treasury expenses and resources (SCRT), at the end of May 2023, shows a budget deficit of 24.6 billion dirhams (MMDH), against a deficit of nearly 13.9 billion dirhams a year earlier, according to the ministry. of Economy and Finance.

This development covers an increase in overall expenditure (+15.6 billion dirhams) greater than that of revenue (+4.9 billion dirhams), explains the ministry in a document on the SCRT of May 2023.

According to the same source, receipts recorded, on a net basis of refunds, reliefs and tax refunds, an achievement rate of 39.4% compared to the forecasts of the finance law (LF). Compared to the end of May 2022, these receipts increased by nearly 4.9 billion dirhams or 4.1%.

With regard to tax revenues, they showed an achievement rate of 42.8%. compared to the end of May 2022, their increase amounts to nearly 5 billion dirhams or 4.8%. Reimbursements, reliefs and tax refunds, including the share borne by local authorities, stood at nearly 6.6 billion dirhams against 7.4 billion dirhams.

Non-tax revenue, for its part, amounted to nearly 12.4 billion dirhams, including nearly 3 billion dirhams from public establishments and companies and 9.4 billion dirhams under “other revenue”.

Moreover, ordinary expenditure amounted to 125.9 billion dirhams, recording an execution rate of 43.2%. Compared to the end of May 2022, these expenses increased by nearly 5.3 billion dirhams, covering an increase in expenses for goods and services (+5.9 billion dirhams) and debt interest (+1.8 billion dirhams) and a drop in compensation costs (-2.4 billion dirhams).

Execution of expenditure on goods and services is marked by an achievement rate of 40.8% for personnel expenditure and 45.1% for expenditure relating to “other goods and services”. The increase in these expenses amounts to 1.4 billion dirhams and 4.5 billion dirhams, respectively.

Debt interest, for its part, experienced a realization rate of 41.6%. Their increase compared to the same period of the previous year, i.e. +1.8 billion dirhams, covers an increase in interest on the external debt (+1.3 billion dirhams) and those relating to the internal debt for 529 million dirhams ( MDH). This development is the result of the rise in interest rates, both on the domestic and international markets.

Compensation expenses recorded an achievement rate of nearly 53.6%. These charges amounted to nearly 14.2 billion dirhams, covering nearly 8.5 billion dirhams for butane gas, 2.2 billion dirhams for sugar, 2.5 billion dirhams for national flour and 920 billion dirhams for subsidies granted to professionals in the transport sector.

The charge for butane gas fell by 1.3 billion dirhams compared to the end of May 2022. This change is explained by the combined effect of a drop in the price of butane gas, to $600/T on average against 879 $/T for the same period of 2022 and a depreciation of the dirham against the dollar, the exchange rate having fallen, on average, from 9.7 to 10.2 DH/$ to end of May 2022.

These changes in ordinary revenue and expenditure resulted in a negative ordinary balance of 2.6 billion dirhams, against a negative balance of 2.2 billion dirhams a year earlier.

With regard to investment expenditure, issues under this heading showed an execution rate of 42%. They reached nearly 38.2 billion dirhams, recording an increase of 5.4 billion dirhams compared to the first four months of 2022.

Special Treasury accounts showed a surplus balance of nearly 16.2 billion dirhams, against 21.1 billion dirhams at the end of May 2022.

The SCRT is the statistical document that presents 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 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 by 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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