Morocco's Treasury recorded a budget surplus of 6.5 billion dirhams (approximately $650 million) at the end of March 2026, according to data from the Ministry of Economy and Finance. This positive balance compares to a deficit of 4.8 billion dirhams recorded at the same point in the previous year.
The improvement is attributed to a significant increase in ordinary revenue, which rose by 13.8% year-on-year. This growth was driven by a 15.7% increase in tax revenue and a 6.8% rise in non-tax revenue. Customs duties also saw a notable increase of 11.8%.
On the expenditure side, ordinary spending increased by 5.3%, a rate lower than the growth in revenue. The Treasury's debt burden, which includes interest payments, rose by 17.8% to 10.2 billion dirhams. The overall positive fiscal position provides the government with greater financial flexibility as it navigates economic conditions in 2026.
