The situation of Treasury expenses and resources (SCRT) at the end of February 2023 shows a budget deficit of 10.6 billion dirhams (MMDH), comparable to that of the same period of 2022 (-10.4 billion MAD), according to the Ministry of Economy and Finance.
This development covers an increase in expenditure of 4.5 billion dirhams and revenue of 4.2 billion dirhams, explains the ministry in a document on the SCRT for the month of February 2023.
Revenue recorded, on a net basis of tax refunds, reliefs and restitutions, an achievement rate of 13.8% compared to the forecasts of the finance law (LF). Compared to the end of February 2022, these receipts increased by nearly 4.2 billion dirhams or 10.7%, specifies the same source.
For their part, tax revenue posted an achievement rate of 15.7%. Their increase compared to the same period of 2022 amounts to 10.8%. Tax refunds, reliefs and refunds, including the share borne by local authorities, amounted to nearly 1.3 billion dirhams, against 1.8 billion dirhams at the end of February 2022.
Non-tax revenues, for their part, recorded an achievement rate of 4%. They stood at nearly 2.2 billion dirhams, i.e. the same level observed at the end of February 2022.
The SCRT also indicates that ordinary expenses amounted to 50.6 billion dirhams, recording an execution rate of 17.5%. Compared to the end of February 2022, these expenses increased by nearly 3.7 billion dirhams, mainly due to the increase in expenses for goods and services (+2.8 billion dirhams), debt interest (+ 532 million dirhams (MDH)) and compensation costs (+399 MDH).
Compensation expenses recorded an achievement rate of nearly 20%. They amounted to nearly 5.8 billion dirhams, including 400 million dirhams for subsidies granted in February 2023 to professionals in the transport sector.
Execution of expenditure on goods and services is marked by an achievement rate of 16.4% for personnel expenditure and nearly 19% for expenditure relating to “other goods and services”. The increase in these expenses amounts to 1.5 billion dirhams and 1.2 billion dirhams, respectively, notes the ministry.
Debt interest, for its part, experienced a realization rate of 15.8%. Their increase compared to the end of February, ie +532 MDH, results from an increase in interest on both the external debt (+384 MDH) and the internal debt (+148 MDH).
Compensation costs excluding these subsidies showed virtual stagnation compared to the end of February 2022, explained by an increase in releases for consumption, while the price of butane gas fell, dropping to $712/ T against $856/T on average a year earlier.
These changes in ordinary revenue and expenditure resulted in a negative ordinary balance of 7.9 billion dirhams, an improvement of 890 million dirhams compared to the end of February 2022, the ministry said.
With regard to investment expenditure, issues under this heading showed an execution rate of 18%. They reached nearly 16.4 billion dirhams, recording an increase of 1.5 billion dirhams compared to the end of February 2022.
For their part, the special accounts of the Treasury generated a surplus balance of 13.6 billion dirhams, against 12.9 billion dirhams at the end of February 2022.
The SCRT is the statistical document that presents the results of the execution of the forecasts of the LF with a comparison with the achievements of the same period of the previous year.
While the situation produced by the General Treasury of the Kingdom 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 by 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.