TGR: The budget deficit at 2.1 billion dirhams in Q1-2022
The General Treasury of the Kingdom (TGR), has indicated that the situation of the expenses and resources of the Treasury, on the basis of the receipts collected and the expenses issued, shows a budget deficit of 2.1 billion dirhams (MMDH) in respect of first three months of 2022, against a deficit of 8 billion dirhams during the same period a year earlier.
In its Monthly Bulletin of Public Finance Statistics (BMSFP) of March 2022, the TGR explains that this deficit takes into account a positive balance of 20 billion dirhams generated by the special accounts of the Treasury (CST) and the State services managed independently (SEGMA).
Thus, gross ordinary revenue stood at 76.5 billion dirhams at the end of March 2022, up 21.1%, following the increase in direct taxes by 42.2%, customs duties (15.9% ), indirect taxes (12.8%) and registration and stamp duties (12.5%), combined with the drop in non-tax revenue of 37.2%, specifies the same source.
Expenditure issued under the general budget was 107.8 billion dirhams, up 10.3% compared to its level at the end of March 2021, due to the 18.1% increase in expenditure operating costs and 9.9% of investment expenditure, combined with a 15.4% drop in budgeted debt charges.
The 15.4% decrease in budgeted debt charges is explained by the 22% drop in principal repayments (9.2 billion dirhams against 11.7 billion dirhams) and 3% drop in debt interest (6,079 million dirhams against 6.264 MDH).
The TGR also points out that at the end of March 2022, expenditure commitments, including those not subject to prior commitment visa, amounted to 183.6 billion dirhams, representing an overall commitment rate of 32%, i.e. the same rate at the end of March 2021. The issue rate on commitments was 71% against 70% a year earlier.
Based on revenue collected and expenditure issued, the ordinary balance recorded at the end of March 2022 was negative by 176 million dirhams (MDH) against a negative ordinary balance of 2.8 billion dirhams a year earlier.
With regard to CST revenue, it reached 42.4 billion dirhams, taking into account the payments received from the common investment charges of the general budget for 13.1 billion dirhams against 10.6 billion dirhams at the end of March 2021. The expenditure issued was of 22.6 billion dirhams, including the share of CST in respect of tax refunds, reliefs and refunds for 1.5 billion dirhams.
The balance of all these accounts amounted to 19.8 billion dirhams, indicates the TGR, noting that the income and expenditure of the CST represent the flows of the year. They do not take into account balances carried over from year N-1 to year N. As for the SEGMAs, their receipts were 307 million dirhams, down 5%. Expenses were 65 MDH, down 35%. SEGMA revenue and expenditure represent flows for the year. They do not take into account the balances carried over from year N-1 to year N.