The Ministry of Economy and Finance reported that the status of deferrals and treasury resources as of the end of last August revealed a budget deficit of 41.6 billion dirhams, compared to a deficit of 30.3 billion dirhams a year ago.
The Ministry explained, in a document on the status of deferrals and treasury resources for the month of August 2023, that this development covers the increase in total expenditures (plus 21.5 billion dirhams), which exceeded incomes (plus 10.2 billion dirhams).
Incomes, based on net payments, settlements and tax returns, recorded a completion rate of 65.1 percent compared to the expectations of the Finance Law. Compared to the end of August 2022, these revenues increased by 10.2 billion dirhams, equivalent to 5.3 percent.
Regular expenditures amounted to 195.8 billion dirhams, recording a completion rate of 67.2 percent. Compared to the end of August 2022, these expenses witnessed an increase of 3.2 billion dirhams, including, on the one hand, an increase in both expenses related to “goods and services” (plus 10.3 billion dirhams) and interest on debts (plus 1.7 billion dirhams). On the other hand, clearing costs decreased (minus 8.9 billion dirhams).
The development of regular revenues and expenditures was reflected by recording a positive ordinary balance of 7.8 billion dirhams, compared to a negative ordinary balance of 715 million dirhams recorded at the end of August 2022.
With regard to investment expenditures, the value of issuances in this regard recorded a completion rate of 64.9 percent. Its value amounted to 59.2 billion dirhams, marking an increase of 12 billion dirhams (an increase of 25.4 percent) compared to the same period in 2022.
The Ministry also reported that the treasury’s private accounts had achieved a surplus balance of about 9.8 billion dirhams, compared to 16.2 billion dirhams at the end of August 2022.
The resources of these accounts take into account the amount of 6.8 billion dirhams, related to the outcome of the Social Solidarity Contribution on profits and incomes, allocated to the Fund to Support Social Protection and Social Cohesion, compared to 6.4 billion dirhams a year ago.
The document relating to the status of treasury expenditures and resources is considered a statistical document that presents the results of implementing the expectations of the Finance Law by adopting a comparison with the achievements recorded during the same period of the previous year.
It is worth noting that despite the accounting nature of the document on the position of the public treasury of the Kingdom, the document on the position of treasury expenditures and resources addresses, as stipulated by international standards in the field of public finance statistics, the economic transactions completed during the budget period by describing the flows of ordinary income and expenditures. Regular and investment expenditures, budget deficits, financing requirements, and financing mobilized to cover these requirements.
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