Budget Surplus: 753 MDH by March 2025
- RABAT, Morocco – Morocco's treasury charges and resources (SCRT) indicated a budget surplus of 753 million dirhams (MDH) at the close of March 2025, a meaningful decrease from...
- The ministry's monthly report attributes this shift to a combination of increased revenue and a more substantial rise in expenses.
- Net revenue, after reimbursements and tax restitutions, reached 27.2% of the 2025 finance law (LF) forecasts.
Morocco’s Budget Surplus declines in Early 2025
Table of Contents
- Morocco’s Budget Surplus declines in Early 2025
- Morocco’s Budget Surplus Decline: Your Questions Answered
- What is the key takeaway from the Moroccan budget report for early 2025?
- Where does this information come from?
- What are the main factors contributing to the decline in the budget surplus?
- How did revenue and expenses change?
- What was the performance of net revenue in early 2025?
- What is “Ordinary Spending” and how did it change?
- What drove the increase in ordinary spending?
- can we get more detail on the types of spending?
- What was the resulting “ordinary excess balance”?
- How did investment expenditure change?
- what about special Treasury Accounts?
- What is the SCRT?
- Key Data Points Summarized
RABAT, Morocco – Morocco’s treasury charges and resources (SCRT) indicated a budget surplus of 753 million dirhams (MDH) at the close of March 2025, a meaningful decrease from the 9.4 billion dirhams (MMDH) reported during the same period the previous year, according to the Ministry of Economy and Finance.
The ministry’s monthly report attributes this shift to a combination of increased revenue and a more substantial rise in expenses. revenue saw an increase of 19.1 MMDH,while expenses rose by 27.8 MMDH.
Revenue Performance
Net revenue, after reimbursements and tax restitutions, reached 27.2% of the 2025 finance law (LF) forecasts. This represents a 19.1 MMDH increase, or 21.6%,compared to the end of March 2024.
Ordinary Spending Surge
Ordinary spending totaled 100.4 MMDH, achieving an execution rate of 30.4%. This reflects a 23.4 MMDH increase compared to the same period last year.
The rise in ordinary spending is primarily due to increases in expenditure on goods and services, which rose by 21.9 MMDH (34.8%), and debt interest, which increased by 3.8 MMDH (65.3%). Conversely, compensation charges decreased by 2.3 MMDH (27.8%).
Expenditure on goods and services showed a 24.3% production rate for personnel expenses and 36.1% for “other goods and services,” with respective increases of 5.3 MMDH and 16.6 MMDH compared to March 2024.
Debt interest displayed a production rate of 22.3%, reflecting an increase in domestic interest (3.5 MMDH) and external interest (294 MDH).
Compensation charges recorded a realization rate of 34.8%, primarily due to decreases in subsidies for butane gas (566 MDH), sugar (500 MDH), and tender wheat flour (228 MDH), as well as the cessation of aid to road carriers.
These factors resulted in an ordinary excess balance of 7.1 MMDH, compared to 11.4 MMDH the previous year.
Investment Expenditure Increases
Investment expenditure reached 27.8 MMDH,an increase of 5.7 MMDH compared to the end of March 2024. The production rate compared to the 2025 LF forecasts was 26.3%.
Special Treasury Accounts
Special accounts of the Treasury (CST) released an excess balance of 21.5 MMDH, compared to 20.2 MMDH at the end of March 2024.
SCRT Overview
The SCRT, a monthly statistical document compiled by the Ministry of Economy and Finance, presents the results of the finance law’s execution, comparing them to the previous year’s achievements, following an economic approach aligned with international standards.
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Morocco’s Budget Surplus Decline: Your Questions Answered
What is the key takeaway from the Moroccan budget report for early 2025?
The primary takeaway is that Morocco’s budget surplus significantly declined in early 2025. The surplus at the end of March 2025 was 753 million dirhams (MDH),a ample decrease from the 9.4 billion dirhams (MMDH) reported during the same period the previous year.
Where does this information come from?
This information is provided by the Ministry of Economy and Finance and is based on data from Morocco’s treasury charges and resources (SCRT).
What are the main factors contributing to the decline in the budget surplus?
The Ministry of Economy and finance attributes this shift to two primary factors:
- An increase in revenue
- A more critically important rise in expenses
How did revenue and expenses change?
Revenue increased by 19.1 MMDH, while expenses rose by 27.8 MMDH.
What was the performance of net revenue in early 2025?
Net revenue, after reimbursements and tax restitutions, reached 27.2% of the 2025 finance law (LF) forecasts. This represents a 19.1 MMDH increase,or 21.6%, compared to the end of March 2024.
What is “Ordinary Spending” and how did it change?
Ordinary spending refers to the day-to-day expenses of the goverment. In early 2025, ordinary spending totaled 100.4 MMDH, with an execution rate of 30.4%. This reflects a 23.4 MMDH increase compared to the same period last year.
What drove the increase in ordinary spending?
the rise in ordinary spending was primarily due to increases in:
- Expenditure on goods and services, wich rose by 21.9 MMDH (34.8%).
- Debt interest, which increased by 3.8 MMDH (65.3%).
Conversely, compensation charges decreased by 2.3 MMDH (27.8%).
can we get more detail on the types of spending?
Yes, the report breaks down spending further:
- Expenditure on goods and services: These showed a 24.3% production rate for personnel expenses and 36.1% for “other goods and services,” with respective increases of 5.3 MMDH and 16.6 MMDH compared to March 2024.
- Debt interest: This displayed a production rate of 22.3%, reflecting an increase in domestic interest (3.5 MMDH) and external interest (294 MDH).
- Compensation charges: These recorded a realization rate of 34.8%, primarily due to decreases in subsidies for butane gas (566 MDH), sugar (500 MDH), and tender wheat flour (228 MDH), as well as the cessation of aid to road carriers.
What was the resulting “ordinary excess balance”?
These factors resulted in an ordinary excess balance of 7.1 MMDH, compared to 11.4 MMDH the previous year.
How did investment expenditure change?
Investment expenditure reached 27.8 MMDH, an increase of 5.7 MMDH compared to the end of March 2024.The production rate compared to the 2025 LF forecasts was 26.3%.
what about special Treasury Accounts?
Special accounts of the Treasury (CST) released an excess balance of 21.5 MMDH, compared to 20.2 MMDH at the end of March 2024.
What is the SCRT?
The SCRT (treasury charges and resources) is a monthly statistical document compiled by the Ministry of Economy and Finance. It presents the results of the finance law’s execution, comparing them to the previous year’s achievements, following an economic approach aligned with international standards.
Key Data Points Summarized
Here’s a quick look at some of the key financial figures from the report:
Metric
Value (Early 2025)
Change from Previous Year
Budget Surplus
753 MDH
Significant Decrease
Revenue Increase
19.1 MMDH
21.6% Increase
Expense Increase
27.8 MMDH
N/A
Ordinary Spending
100.4 MMDH
23.4 MMDH Increase
Investment Expenditure
27.8 MMDH
5.7 MMDH increase
special Treasury Accounts Excess Balance
21.5 MMDH
1.3 MMDH increase