The budget deficit at 11.5 billion dirhams at the end of April

The situation of Treasury expenses and resources at the end of April 2022 shows a budget deficit of 11.5 billion dirhams (MMDH), against 21.7 billion dirhams a year earlier, indicates the Ministry of Economy and Finance.

This development covers an increase in revenue (+18.1 billion dirhams) greater than that of overall expenditure (+7.8 billion dirhams), explains the ministry which has just published the situation of the expenses and resources of the Treasury (SCRT) for the month of April 2022.

Revenue recorded, on a net basis of tax refunds, reliefs and refunds, an increase of nearly 23.2%, compared to the end of April 2021, and an achievement rate of 36.5% compared to the forecasts of the law. of Finance (LF), specifies the same source. For their part, tax revenue showed good performance overall, with an increase of 22.5%, thus recording a realization rate of 39.6%, and this, despite the continuation of the effort to reimburse VAT credits, adds the ministry, noting that tax refunds, relief and refunds, including the share borne by local authorities, thus reached an amount of 6.9 billion dirhams, against 4.6 billion dirhams at the end of April 2021.

For their part, non-tax revenue amounted to 6.4 billion dirhams, up by 1.7 billion dirhams, while revenue from public establishments and enterprises amounted to 1.2 billion dirhams, including 720 million dirhams (MDH) paid by the National Agency for Land Registry, Cadastre and Cartography and 309 MDH by Bank Al-Maghrib.

“Other receipts” stood at 5.3 billion dirhams, including 2.7 billion dirhams under “innovative financing”, 1.9 billion dirhams under the products of ministries, 277 million dirhams from CCG donations and 254 million dirhams from title of competition funds.

The execution of ordinary expenditure shows an increase of nearly 11.3 billion dirhams (+12.9%) and an execution rate of 37.6%. This change compared to the end of April 2021 is mainly due to the increase in compensation costs (+6.3 billion dirhams) and expenses relating to goods and services (+4.6 billion dirhams).

The increase in compensation costs, which recorded an execution rate of 73.1%, is attributable, in particular, to the rise in the price of butane gas which reached an average of $885/T, notes the said note, adding that these charges include subsidies granted to professionals in the transport sector for an amount of 0.5 billion dirhams, as part of the measures decided by the Government in March 2022.

The increase in spending on goods and services covers an increase of 2.4 billion dirhams in personnel expenses and 2.2 billion dirhams in “other goods and services”.

Debt interest charges increased by 305 million dirhams to stand at 9.9 billion dirhams, covering an increase in domestic debt interest (+525 million dirhams) and a decline in those relating to the external debt (-220 MDH).

These changes in ordinary revenue and expenditure resulted in a negative ordinary balance of 2.5 billion dirhams, against -9.3 billion dirhams at the end of April 2021.

With regard to investment expenditure, issues reached 26.8 billion dirhams, against 24.7 billion dirhams a year earlier. Compared to the LF 2022 forecasts, their achievement rate was nearly 34.4%.

The special Treasury accounts (CST), meanwhile, generated a surplus balance of nearly 17.8 billion dirhams, against 12.2 billion dirhams at the end of April 2021. The resources of the special Treasury accounts (CST) take into account an amount of 6.1 billion dirhams corresponding to the proceeds of the Social Solidarity Contribution on profits and income, allocated to the Social Protection and Social Cohesion Support Fund, compared to 3.2 billion dirhams at the end of April 2021.

Given these developments and a reduction in pending operations of 7.7 billion dirhams, the situation of Treasury expenses and resources reveals a financing requirement of around 19.2 billion dirhams.

This need, increased by net flows of investments on the money market (+4.9 billion dirhams) and external financing (+0.2 billion dirhams), was covered mainly by recourse to the domestic debt market to a net flow of 15 billion dirhams.

The flow of domestic debt covers subscriptions for an amount of nearly 50.4 billion dirhams, against 49.8 billion dirhams a year earlier, and principal repayments for 35.4 billion dirhams, against 34.7 billion dirhams. That of external debt covers drawings of around 2.9 billion dirhams, against 6.4 billion dirhams at the end of April 2021, and amortizations of 3 billion dirhams, against 3.4 billion dirhams a year earlier.

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