The budget deficit amounts to 25.1 billion dirhams at the end of October 2022

The budget deficit stood at 25.1 billion dirhams (MMDH) at the end of October 2022, according to data recently published by the General Treasury of the Kingdom (TGR). A year earlier, it amounted to 47.1 billion dirhams, she recalled.

Indeed, on the basis of revenue collected and expenditure issued, the situation of Treasury expenses and resources generated “a budget deficit of 25.1 billion dirhams at the end of October 2022 against a budget deficit of 47.1 billion dirhams a year earlier”. , according to the Monthly Bulletin of Public Finance Statistics (BMSFP) for the month of October 2022.

It should be noted that this deficit takes into account a positive balance of 35.2 billion dirhams generated by the special accounts of the Treasury (CST) and the State services managed independently (SEGMA), as indicated by the General Treasury of same source.
As a reminder, at the end of October 2021, the Treasury deficit took into account a positive balance of 8.6 billion dirhams generated by the CSTs and the SEGMAs.

In detail, at the end of October 2022, gross ordinary revenue increased by 15.1% (+31.9 billion dirhams) to stand at 243.1 billion dirhams against 211.2 billion dirhams at the end of October 2021. This, following the increase in direct taxes (25.2%), customs duties (21.7%), indirect taxes (14.6%) and registration and stamp duties (17.1%) , as well as the drop in non-tax revenue (12%), according to the TGR.

Resulting from the increase in customs revenue by 22.8% and domestic taxation by 19%, gross tax revenue increased by 19.5% (+35.4 billion dirhams), reaching 217.2 billion dirhams against 181.8 billion dirhams at the end of October 2021, as specified.

Regarding non-tax revenue, the General Treasury indicates that they were 25.8 billion dirhams against 29.4 billion dirhams a year earlier.

They thus recorded a drop of 12%, corresponding to -3.5 billion dirhams, “due in particular to the realization in 2021 of a privatization receipt of 5,416 MDH, the drop in receipts in mitigation of debt expenditure (379 MDH against 1,495 MDH) and the gas pipeline fee (7 MDH against 708 MDH), combined with the increase in payments from special Treasury accounts to the general budget (9.7 billion MAD against 8.4 billion MAD) and revenue from monopolies (11 .7 billion dirhams against 9.2 billion dirhams)”, explained the TGR.

Up 11% compared to their level at the end of October 2021, expenditure issued under the general budget was 347.2 billion dirhams at the end of October 2022, the TGR also noted, attributing this increase to the increase. operating expenses (16.2%), investment expenses (12%) and lower budgeted debt charges (3%).

As for expenditure commitments, including those not subject to prior commitment visa, they amounted to 496.2 billion dirhams at the end of October 2022. This represents “an overall commitment rate of 70% against 72% at the end of October 2021 and an issue rate on commitments of 88%, the same level a year earlier”, underlined the TGR in its bulletin.

It should be noted that the receipts from the special accounts of the Treasury reached 122.6 billion dirhams during the same period, indicated the General Treasury, specifying that they take into account the payments received from the common investment charges of the general budget for 21.2 billion dirhams against 18.2 billion dirhams at the end of October 2021.

Still according to the TGR, the expenses issued were 87.8 billion dirhams and include the share of the CST in respect of reimbursements, reliefs and tax refunds for 3.6 billion dirhams. Thus, the balance of all special Treasury accounts reached 34.8 billion dirhams.

As for the revenues of State services managed independently, the data show that they increased by 4% to reach 1,796 MDH at the end of October 2022 against 1,727 MDH, a year earlier, continued the TGR indicating that the expenses were 1,371 MDH at the end of the same period against 1,145 MDH a year earlier. This corresponds to an increase of 19.7%.

Alain Bouithy

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