The execution of the finance law (LF) at the end of March 2025 reveals a positive budgetary balance of 5.9 billion dirhams (MMDH), according to data from the General Treasury of the Kingdom (TGR). This surplus results from a level of ordinary resources (excluding loans) of 184.1 MMDH, against ordinary loads (excluding depreciation of the debt) of 178.2 MMDH.
Taking into account the borrowing revenues, which have been established at 29.2 MMDH, and the depreciation of the debt for 12.1 MMDH, the global balance releases a surplus resources on the loads of 23.1 MMDH. The overall state resources reached 213.4 MMDH in the first quarter of 2025, a production rate of 32.4 % compared to the LF forecasts.
These resources are distributed between ordinary revenue (53.4 %), medium -term and long term loans (13.7 %), revenue from special treasury accounts (32.6 %) and those of service managed independently (0.3 %). On the spending side, the total reaches 190.3 MMDH, 54.2 % of which are ordinary spending, 14.7 % of investment expenditure, 24.6 % CST emissions, and 6.4 % debt depreciation.
M.Ba.
