The situation of Treasury expenses and resources shows a budgetary deficit of 61.6 billion Dirhams (MMDH) at the end of 2025, almost stable compared to the year previous (MAD 61.5 billion), according to data published by the General Treasury of the Kingdom (TGR) in its monthly financial statistics bulletin public (BMSFP) of December 2025.

This deficit includes a positive balance of MAD 30 billion released by the Special Accounts of the Treasury (CST) and the autonomously managed state services (SEGMA), which contributed to mitigate the overall imbalance in public finances.

According to the TGR, the gross regular revenue was MAD 410 billion, up 10.9%. This increase is mainly due to the increase in direct taxes. (+19.8%), customs duties (+6.5%), indirect taxes (+10%) as well as registration and stamp duties (+10.1%), despite a decrease in non-tax revenue of 7.6%.

Tax revenue For their part, gross revenues increased by 14.1% to reach MAD 358.9 billion, supported by the good performance of customs revenues (+9.1%) and by the domestic taxation (+16.6%).

On the expenditure side, those issued under the General Budget reached MAD 567.4 billion at the end of December 2025, up 9.9%. This trend is explained by the increase in spending. operating expenses (+11.5%), investment expenses (+8.2%) and budgeted debt charges (+7.2%). The increase in the load of debt results in particular from the 13% increase in debt interests, to 43.7 billion MAD, and 3.7% of principal repayments, to 65.9 billion MAD.

The TGR indicates Also that expenditure commitments, including those not subject to a visa preliminary, amounted to 821.7 billion MAD, corresponding to an overall rate commitment rate of 83% and an issuance rate of commitments of 93%.

Based on receipts received and expenses issued, the ordinary balance recorded at the end December 2025 came out positive at more than 37.87 billion MAD.

With regard to accounts Special Treasury grants, their revenue reached 224.3 billion MAD, including 31 billion MAD from payments from the common investment expenses of the budget general. Expenses incurred amounted to MAD 194.8 billion, including MAD 6.8 billion in for reimbursements, rebates and tax refunds, thus relieving a positive balance of MAD 29.5 billion.

Finally, the recipes SEGMA grew by 6.7% to more than MAD 3.35 billion, while their expenses reached nearly MAD 3 billion, an annual increase of 7.3%. At the end December 2025, ordinary revenue exceeded the forecasts of the law of finances, with a completion rate of 111.6%, while expenses ordinary and capital expenditures were executed respectively at 101.6% and 100.7%.