Morocco’s budget deficit soars up to $3.71 billion from Jan.-Oct

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Budget

The Moroccan Treasury announced on Monday that the country’s budget deficit soared to 3.71 billion U.S. dollars in the first 10 months of 2023, up from 2.5 billion dollars in the same period last year.

Ordinary revenues and taxes increased by 8.9 percent to 26.4 billion dollars by the end of October, the Moroccan Treasury said in a report.

The state spending rose by more than 20.6 percent due to the increase of 4.6 percent in ordinary expenses, 35.6 percent in investment expenses, and 57.1 percent in debt charges, the report said.

Meanwhile, the Moroccan parliament will begin Tuesday discussing a 2024 draft budget totaling 63 billion dollars, up by 6.3 percent from 2023.

The draft budget expects the country’s 2024 GDP growth at 3.7 percent, the fiscal deficit at 4 percent, and inflation at 2.4 percent.

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