Budget deficit of 43.4 billion dirhams at the end of August

The situation of Treasury charges and resources at the end of August 2021 shows a budget deficit of 43.4 billion dirhams (billion dirhams), against a deficit of 46.6 billion dirhams for the same period of 2020, according to the ministry of ‘Economy, Finance and Administrative Reform.

This situation should be analyzed taking into account a base effect linked to the impact on tax revenue of the abrupt cessation of activity in 2020, especially during the period of containment and a surplus of MAD 9 billion at at the end of August 2020 from the Special Fund for the management of the Covid-19 pandemic covering mobilized resources of 33.7 billion dirhams and expenditure of 24.7 billion dirhams, underlines the ministry.

It also concerns the recovery in economic activity observed during the first eight months of the current year, in particular in relation to the good agricultural season, the strengthening of domestic demand and the progress of the vaccination campaign. under favorable conditions, the relative easing, from June of the sanitary restriction measures and the rise in international prices of energy products, in particular butane gas.

Thus, revenues recorded, on a net basis of refunds, rebates and tax refunds, an increase of nearly MAD 16.6 billion compared to the end of August 2020 and a realization rate of 67.4% compared to the forecasts of the law. of finance (LF).

Tax revenues showed a favorable development, with the exception of the corporate tax which fell by 2.8 billion dirhams or 9.9%, in particular in relation to the decline in activity in 2020, the ministry said, noting that overall, tax revenue increased by 13.2 billion dirhams or 10.4%, thus allowing an achievement rate of 71.5%.

See also  What really changes for Moroccan exporters

This increase is MAD 16.7 billion or 13.2%, if we take into account the solidarity contribution allocated, in 2021, to the Social Protection and Social Cohesion Support Fund. Refunds, deductions and tax refunds, for their part, reached an amount of MAD 5 billion, the same level as at the end of August 2020.

For their part, non-tax revenue stood at 17.6 billion dirhams against 14.5 billion dirhams at the end of August 2020. This revenue comes up to 6.8 billion dirhams from products paid by public establishments and enterprises, in particular OCP. (3 billion dirhams) and the national agency for land conservation, cadastre and cartography (2 billion dirhams), up to 5.4 billion dirhams of revenue from the sale of state holdings and up to 5.4 billion dirhams “other revenue”.

In addition, the execution of ordinary expenditure shows an increase of 11.5 billion dirhams or 7.2% and an execution rate of 69.1%.

This change compared to the end of August 2020 is mainly explained by the increase in expenditure on goods and services of nearly MAD 7.7 billion, attributable to the tune of MAD 5.8 billion to personnel expenses, in particular under the effect of reminders and measures of the 3rd tranche of the salary increase decided in 2019 as part of the social dialogue, and up to nearly MAD 2 billion to “other goods and services”.

The compensation charge increased by 3.1 billion dirhams in particular in connection with the increase in the price of butane gas which reached an average of $ 563 / T against nearly $ 355 / T a year earlier.

See also  a partnership to promote digital insurance

Interest on the debt increased by 0.7 billion dirhams attributable to interest on the external debt for an amount of 626 million dirhams and to those on the domestic debt for 107 million dirhams.

These changes in income and ordinary expenditure resulted in a negative ordinary balance of 8.2 billion dirhams against -15.8 billion dirhams at the end of August 2020, i.e. an improvement of 7.6 billion dirhams, the ministry notes.

Regarding investment expenditure, issues reached 42.3 billion dirhams, against 40.1 billion dirhams a year earlier. Compared to the forecasts of the LF 2021, their achievement rate was 62.1%.

The special treasury accounts showed a surplus balance of nearly 9.6 billion dirhams against 9.3 billion dirhams at the end of August 2020, indicates the ministry, noting that the resources of the special treasury accounts take into account an amount of 3.6 billion dirhams. MMDH corresponding to the product of the social solidarity contribution on profits and income, allocated to the Social Protection and Social Cohesion Support Fund under the FL 2021.

Taking into account these developments and a reduction in pending operations of MAD 18.5 billion, the situation of Treasury charges and resources shows a financing requirement of around MAD 61.9 billion, underlines the same source.

Back to top button