Morocco records a budget deficit of 18.3 billion dirhams in H1-2022

The Ministry of Economy and Finance, indicated that the situation of the expenses and resources of the Treasury (SCRT) in the first half of 2022, shows a budget deficit of 18.3 billion dirhams (MMDH), against 29, 3 billion dirhams a year earlier.

In a document on the SCRT for the month of June 2022, the ministry explains that this development covers an increase in revenue (+28 billion dirhams) greater than that of overall expenditure (+17 billion dirhams).

The department of Nadia Fettah Alaoui also notes that revenue recorded, on a net basis of tax refunds, relief and refunds, an increase of 23.5% compared to the end of June 2021 and an achievement rate of 56.1 % compared to the forecasts of the finance law (LF).

For their part, tax revenues showed good performance overall, with an increase of 21.8%, thus recording an achievement rate of 59%, despite the continued effort to refund VAT credits. (value added tax).

Tax refunds, relief and refunds, including the share borne by local authorities, reached an amount of 8.6 billion dirhams, compared to 6.4 billion dirhams at the end of June 2021.

In addition, non-tax revenue amounted to nearly 14 billion dirhams, up by 4.2 billion dirhams. The SCRT also shows an increase in ordinary expenditure of 15% and an execution rate of 56.1%. This change is mainly due to the increase in compensation costs (+12.1 billion dirhams) and expenses for goods and services (+6.9 billion dirhams).

The increase in compensation expenses is attributable, in particular, to the rise in the price of butane gas, which reached an average of $861/T against nearly $530/T at the end of June 2021. These expenses, which include subsidies granted to professionals in the transport sector for 1.5 billion dirhams as part of the measures decided by the Government to deal with the increase in the price of energy products, reached nearly 21 billion dirhams, i.e. an achievement rate of 123.6% per compared to the initial forecast of LF-2022.

The increase in expenditure on goods and services covers an amount of 4.2 billion dirhams under “other goods and services” and 2.7 billion dirhams under staff costs. Debt interest charges increased to 16.9 billion dirhams, covering an increase in domestic debt interest (+418 million dirhams – MDH) and a decline in those relating to domestic debt. exterior of 127 MDH.

These changes in ordinary revenue and expenditure resulted in a positive ordinary balance of 387 million dirhams, against a negative balance of 8.5 billion dirhams at the end of June 2021.

With regard to investment expenditure, issues reached 39.6 billion dirhams, against 31.8 billion dirhams a year earlier. Compared to the LF 2022 forecasts, their achievement rate was nearly 50.7%.

For their part, the special Treasury accounts (CST) generated a surplus balance of nearly 20.9 billion dirhams. The resources of these accounts take into account 6.3 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, against 3.5 billion dirhams at end of June 2021.

It should be noted that the SCRT is the statistical document which presents, on behalf of the Ministry of Economy and Finance, the results of the execution of the forecasts of the finance law with a comparison with the achievements of the same period of l ‘last year.

While the situation produced by the General Treasury of the Kingdom (TGR) is fundamentally accounting in nature, the SCRT apprehends, as recommended by international standards in terms of public finance statistics, the economic transactions carried out during a budgetary period in describing, in terms of flows, ordinary revenue, ordinary expenditure, investment expenditure, the budget deficit, the financing requirement and the financing mobilized to cover this requirement.

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