Figures from the Kingdom’s public treasury showed a budget deficit of 50.5 billion dirhams at the end of November 2023.
The Kingdom’s General Treasury confirmed, in its latest report, that this deficit takes into account a positive balance of 36.7 billion dirhams from the treasury’s own accounts.
According to the same source, the increase in debt costs included in the budget is due to an increase in principal installments by 80.2 percent to 80.8 billion dirhams and a 16.2 percent increase in debt interest to reach 32.1 billion dirhams.
On the other hand, the current government, headed by Aziz Akhannouch, still hopes to bring the amount of debt below the 69 percent threshold, while continuing its commitment to achieving comprehensive reform for all sectors, although those interested in political and economic affairs have directed harsh criticism at it, saying that its measures are not going the way of Proper management of public finances.
A number of economic experts recently criticized the government’s resort to easy solutions to confront crises, including borrowing and debt.
Fawzi Lakjaa, the Minister in charge of the Budget, recently said in the House of Advisors that the current government is betting on reducing deficit rates and exceeding debt, contrary to what some want to promote, and that the majority wants to drown the country in borrowing.
Lakjaa confirmed that the government wants to reduce the deficit rates to 3 percent, during the end of its term.
The Minister in charge of the budget added that in 2024, the deficit rate will reach 4 percent, meaning the government will succeed in eliminating 33 billion dirhams.
The same spokesman highlighted that the current government does not want to burden the Kingdom with borrowing and debt, and its ambition is to reach below the 69 percent threshold.
The same spokesman explained that the government has $5 million available with the International Monetary Fund, which it has not used, because it does not want to burden the country, and since achieving the financial safety of the Kingdom of Morocco is considered an essential bet in developing the country.