TGR: The budget deficit at 43.5 billion dirhams at the end of August

The General Treasury of the Kingdom (TGR) indicated that the situation of charges and resources of the Treasury shows a budget deficit of 43.5 billion dirhams (billion dirhams) at the end of August 2020, against 33.8 billion dirhams during the same period of 2019.

This deficit takes into account a positive balance of 3.6 billion dirhams released by the special accounts of the Treasury (CST) and state services managed independently (SEGMA), indicates the TGR in its monthly bulletin of finance statistics public (BMSFP) of August.

The BMSFP also reports a drop in gross ordinary income of 0.1% to 160.5 billion dirhams and an increase in ordinary expenditure issued by 2.3% to 163 billion dirhams, ie a negative ordinary balance of 2.5 billion dirhams. Taking into account a financing need of 48 billion dirhams and a positive net flow of external financing of 14.6 billion dirhams, the Treasury resorted to domestic financing for an amount of 33.5 billion dirhams.

The decline in these revenues is explained by the drop in direct taxes of 3.8%, customs duties (5.3%), indirect taxes (9.3%) and registration and stamp duties ( 21.3%), combined with the increase in non-tax revenue (56.1%).

With regard to the expenses issued under the general budget, they were 245.7 billion dirhams during the first eight months of 2020, up 5% compared to their level at the end of August 2019, due to the increase 2.8% of operating expenses, 9.8% of investment expenses and 6.9% of budgeted debt charges.

This increase in budgeted debt charges is due to the 12.3% increase in principal repayments (38.1 billion dirhams against 33.9 billion dirhams) and the 1.1% drop in interest on the debt (22 , 8 billion dirhams against 23.1 billion dirhams).

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Expenditure commitments, including those not subject to the prior commitment visa, for their part reached MAD 386.9 billion, representing an overall commitment rate of 60% against 61% at the end of August 2019. The issue rate on commitments was 86% versus 83% a year earlier.

Regarding the special treasury accounts (CST), they achieved revenues of 91.2 billion dirhams and expenditures of 87.8 billion dirhams, ie a positive balance of 3.4 billion dirhams.

The revenues of autonomously managed state services (SEGMA), for their part, fell by 35.7% to 1,124 million dirhams (MDH) and expenditure by 27.4% to 846 MDH.

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