Casablanca – Morocco posted a budget deficit of approximately $2.0 billion during the first four months of 2026, compared with about $1.8 billion during the same period last year, according to the latest Treasury report released by the Ministry of Economy and Finance.

The wider deficit reflects an increase in public spending that slightly exceeded the growth in government revenues. During the period, total expenditures rose by approximately $1.21 billion, while revenues increased by around $1.04 billion.

Government revenues exceed $14.8 billion

Net Treasury revenues, after tax refunds, exemptions and reimbursements, reached more than $14.85 billion by the end of April. This represents one-third of the annual revenue target set in the 2026 Finance Law.

Tax revenues totaled approximately $13.76 billion, marking an 8.9% increase compared with the same period in 2025. The rise was driven by stronger collections from major taxes, reflecting continued economic activity and improvements in tax administration.

Tax refunds and reimbursements climbed to approximately $1.24 billion, up by around $206 million from a year earlier.

Non-tax revenues declined by 10.5% to about $886 million. These included roughly $546 million in contributions from public institutions and state-owned companies, as well as approximately $340 million in various receipts collected by government ministries.

Current spending rises to more than $15.0 billion

Ordinary expenditures, which cover the day-to-day operations of the government, reached approximately $15.05 billion by the end of April, representing 38.5% of the annual allocation.

This was an increase of around $1.51 billion compared with the same period last year.

Spending on goods and services rose by approximately $1.33 billion, reflecting higher operational costs and continued support for public services.

Interest payments on public debt increased by around $227 million, highlighting the growing cost of debt servicing.

Subsidy expenses declined by approximately $48 million, partially offsetting the rise in other spending categories.

As a result, Morocco’s ordinary balance recorded a deficit of about $206 million, compared with a surplus of approximately $258 million during the same period in 2025.

Public investment accelerates

Investment expenditures increased sharply by 24.9% to approximately $4.49 billion, representing 38% of the amount allocated for capital spending in the 2026 budget.

The rise reflects continued financing of infrastructure, water projects, transportation networks, industrial zones, renewable energy initiatives and social facilities.

Public investment remains one of the government’s main tools to support economic growth, create jobs and strengthen the country’s long-term competitiveness.

Special Treasury accounts post a $2.7 billion surplus

Special Treasury accounts generated a surplus of approximately $2.73 billion, compared with around $1.54 billion during the same period last year.

These accounts are used to fund dedicated programs and strategic projects, and their improved balance helped mitigate some of the pressure on the central budget.

Fiscal policy amid global uncertainty

The budget figures come at a time of continued uncertainty in the global economy, including volatile energy markets, geopolitical tensions and tighter financial conditions.

At the same time, Morocco has maintained spending on social protection, public services and strategic investments aimed at strengthening resilience and supporting development.

The moderate widening of the deficit suggests that the government is continuing to balance its investment and social priorities with efforts to preserve fiscal stability.

Budget implementation remains on track

The Ministry of Economy and Finance noted that the Treasury report follows international standards for government finance statistics and provides a detailed overview of revenues, expenditures, investment spending, financing needs and the resources mobilized to meet them.

With more than one-third of planned revenues and expenditures already executed by the end of April, Morocco appears to be broadly on track in implementing its 2026 budget.

The data indicate that the country is sustaining strong public investment and essential government spending while keeping the budget deficit at a manageable level during the opening months of the year.