MEF: The budget deficit at 63.4 billion dirhams at the end of November

The Ministry of Economy and Finance (MEF), indicated that the situation of charges and resources of the Treasury (SCRT) at the end of November 2021, reveals a budget deficit of 63.4 billion dirhams (MMDH) against a deficit of MAD 59.7 billion a year ago.

It thus emerges from the SCRT of November 2021, published by the MEF, that this evolution should be analyzed taking into account in particular a base effect linked to the impact on tax revenue of the sudden end of the activity in 2020, from the surplus of MAD 8.3 billion recorded at the end of November 2020 under the Special Fund for the management of the Covid-19 pandemic.

It also concerns the recovery in economic activity observed during the current year, in particular in relation to the progress made in terms of vaccination, the strengthening of domestic demand and the good agricultural season, as well as the increase in prices. international energy products, especially butane gas, adds the same source.

Revenues thus recorded on a net basis of refunds, reductions and tax refunds, an increase of nearly MAD 25.1 billion, compared to the end of November 2020 and a realization rate of 93.3% compared to the forecasts of the law of finance (LF).

At the retail level, tax revenue continued to improve, with the exception of corporate tax which fell by MAD 2.9 billion or 7.6% in relation in particular to the decline in activity in 2020. Overall, tax revenue recorded an increase of MAD 18 billion or 10.4%, thus recording a completion rate of 97.9%.

This increase is 21.8 billion dirhams or 12.6% if we take into account the solidarity contribution allocated, in 2021, to the Social Protection and Social Cohesion Support Fund. Refunds, deductions and tax refunds, for their part, reached an amount of MAD 7.6 billion, almost the same level as at the end of November 2020.

Regarding non-tax revenues, they stood at 26.1 billion dirhams against 19.7 billion dirhams at the end of November 2020, an increase of 6.5 billion dirhams, the ministry said, specifying that these revenues come up to 9 billion dirhams. , MAD 8 billion of products paid by public establishments and enterprises, in particular OCP (MAD 4.1 billion) and the National Agency for Land Conservation, Cadastre and Cartography (MAD 3 billion).

Income from the disposal of State holdings contributed an amount of MAD 5.4 billion following the sale of 35% of the capital of Marsa Maroc (MAD 5.3 billion) and of the entire investment. in the capital of the company “Foncière Université Internationale de Rabat” (110 MDH). For their part, “other revenues” stood at MAD 10.9 billion, including MAD 5.6 billion for products from ministerial budgets and MAD 3.3 billion relating to revenues from innovative mechanisms.

The ministry also notes that the execution of ordinary expenditure shows an increase of 17.5 billion dirhams or 8.3% and an execution rate of 92.2%. This change compared to the end of November 2020 is mainly explained by the increase in expenditure on goods and services of nearly 11.9 billion dirhams, attributable to the tune of 7.4 billion dirhams to personnel costs, in particular under the effect of reminders and measures of the 3rd tranche of the salary increase decided in 2019 within the framework of the social dialogue, and to the tune of nearly 4.5 billion dirhams to “other goods and services”

The compensation charge increased by 5.7 billion dirhams in particular in connection with the increase in the price of butane gas which reached an average of 626.9 $ / T against nearly 367.6 $ / T un year ago.

The interest on the debt, for its part, experienced a slight decrease of 124 million dirhams compared to the end of November 2020, standing at 26 billion dirhams, covering a decline in those relating to the domestic debt (-267 million dirhams) against an increase in those relating to the domestic debt. of the external debt (+144 MDH).

These changes in income and ordinary expenditure resulted in a negative ordinary balance of MAD 6.8 billion against -14.4 billion MAD at the end of November 2020, an improvement of MAD 7.6 billion.

With regard to investment spending, they increased by 4.8 billion dirhams, with issues reaching 60.8 billion dirhams, against 55.9 billion dirhams a year earlier. Compared to the forecasts of the LF 2021, their achievement rate was 89.2%.

In addition, the ministry indicates that the special treasury accounts showed a surplus balance of nearly 4.2 billion dirhams against 10.6 billion dirhams at the end of November 2020.

It should be noted that the resources of the special treasury accounts take into account an amount of 3.8 billion dirhams corresponding to the product of the social solidarity contribution on profits and income, allocated to the Support Fund for Social Protection and social cohesion under the FL 2021.

On the financing side, taking into account these developments and a reduction in pending operations of MAD 12.1 billion, the situation of Treasury charges and resources shows a financing requirement of around MAD 75.5 billion.

This need was covered mainly by recourse to the domestic debt market and the mobilization of external financing for respective net flows of MAD 41.3 billion and MAD 6.1 billion, as well as by the increase in Treasury deposits of 12.3 billion. Billion dirhams and the net flow of investments on the money market (+3.7 billion dirhams).

The flow of domestic debt covers subscriptions for an amount of MAD 141.9 billion, against MAD 147.7 billion for the same period of 2020 and principal repayments for MAD 100.6 billion, against MAD 89.1 billion. That of external debt covers drawdowns of around 15.6 billion dirhams, against 32.5 billion dirhams at the end of November 2020 and amortizations of 9.5 billion dirhams against 19.2 billion dirhams a year earlier.



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