The Treasury General of the Kingdom (TGR) reported that the fiscal situation showed a budget deficit of 32.8 billion dirhams for the first eight months of 2024, compared to a deficit of 42.4 billion dirhams during the same period last year.
This deficit takes into account a positive balance of 22 billion dirhams from the Treasury’s special accounts and independently managed public entities.
Gross ordinary revenues reached 228.8 billion dirhams, marking an 11.7% increase compared to the end of August 2023. This rise is due to an increase in direct taxes (+12.4%), customs duties (+8.9%), indirect taxes (+13.2%), registration and stamp duties (+3.5%), and non-tax revenues (+10.5%).
Ordinary expenses increased by 3.7%, driven by higher spending on goods and services (+7.5%) and interest on debt (+18.6%), while compensation spending dropped by 57.8%.
Additionally, general budget expenses rose by 1.1% to 337.4 billion dirhams by the end of August 2024, mainly due to higher operating expenses (+1.6%) and investment spending (+13.5%), despite a decrease in debt costs by 8.1%.
Spending commitments amounted to 513 billion dirhams, representing an overall commitment rate of 63% and a disbursement rate of 85%.
Revenues from the Treasury’s special accounts totaled 120.1 billion dirhams, while expenses amounted to 98.8 billion dirhams, leaving a total balance of 21.3 billion dirhams for the special accounts.
