The situation of Treasury expenses and resources (SCRT) at the end of October 2022 shows a budget deficit of 30.5 billion dirhams (MMDH), an improvement of more than 20.6 billion dirhams compared to the same period of 2021 (- 51.1 billion dirhams), according to the Ministry of Economy and Finance.
This development covers an increase in revenue (+47.1 billion dirhams) greater than that of overall expenditure (+26.5 billion dirhams), indicating the ministry in a document on the situation of Treasury expenses and resources for the month of October 2022.
At retail, revenue recorded, on a net basis of tax refunds, reliefs, and refunds, an increase of nearly 47.1 billion dirhams or 23.4%, compared to the end of October 2021, and an achievement rate of 94.7%. compared to the forecasts of the finance law (LF).
For their part, tax receipts generally showed good performance, with an increase of 33 billion dirhams or 18.7%, thus recording an achievement rate of 94%, despite the increase in reimbursements, tax reliefs, and tax refunds related to a total amount of nearly 13.7 billion dirhams, against 9.8 billion dirhams at the end of October 2021.
For their part, non-tax revenue stood at nearly 36.6 billion dirhams against 22.4 billion dirhams at the end of October 2021, an increase of 14.1 billion dirhams.
The SCRT also shows an increase in ordinary expenditure of nearly 29.8 billion dirhams (+14.3%) and an execution rate of 91%.
This change compared to the end of October 2021 is mainly due to the increase in compensation costs (+19 billion dirhams) and expenses for goods and services (+9.8 billion dirhams).
The increase in compensation costs is attributable, in particular, to the rise in the price of butane gas, which reached an average of $766/T against nearly $610/T at the end of October 2021.
These expenses, which stood at 35.3 billion dirhams, include subsidies granted to professionals in the transport sector for an amount of nearly 3.2 billion dirhams, and this, within the framework of the measures decided by the Government to deal with the increase in the price of energy products.
The increase in expenditure on goods and services covers an amount of nearly 5.5 billion dirhams under “other goods and services” and an amount of 4.3 billion dirhams under staff costs.
Debt interest, for its part, increased by 927 million dirhams (MDH) to stand at 26.4 billion dirhams, covering an increase in domestic debt interest (+982 MDH) and a slight decrease of those of the external debt (-55 MDH).
These changes in ordinary revenue and expenditure resulted in a positive ordinary balance of 10.5 billion dirhams, against a negative balance of 6.9 billion dirhams at the end of October 2021.
With regard to investment expenditure, the document indicates that emissions reached 57.9 billion dirhams, against nearly 51.6 billion dirhams a year earlier. Compared to the LF 2022 forecasts, their achievement rate was nearly 74.2%.
For their part, the special Treasury accounts (CST) generated a surplus balance of nearly 16.9 billion dirhams, against 7.3 billion dirhams at the end of October 2021.
The resources of the special Treasury accounts take into account an amount of 6.5 billion dirhams corresponding to the proceeds of the Social Solidarity Contribution on profits and income, allocated to the Social Protection and Social Cohesion Support Fund, against 3.8 billion dirhams at the end of October 2021.
The SCRT is the statistical document that presents, on behalf of the Ministry of Economy and Finance, the results of the execution of the forecasts of the finance law with a comparison with the achievements of the same period of the previous year.
While the situation produced by the General Treasury of the Kingdom (TGR) is fundamentally accounting in nature, the SCRT apprehends, as recommended by international standards in terms of public finance statistics, the economic transactions carried out during a budgetary period in describing, in terms of flows, ordinary revenue, ordinary expenditure, investment expenditure, the budget deficit, the financing requirement, and the financing mobilized to cover this requirement.
