Here are the main points of the Monthly Bulletin of Public Finance Statistics (BMSFP) of July, published by the General Treasury of the Kingdom (TGR):
1. Recipes:
– A decrease in gross receipts of 0.8%, coming from:
• Decrease in net customs revenues of 14.1%, taking into account refunds, reliefs and tax refunds of 63 million dirhams (MDH).
• Lower domestic consumption tax (TIC) on manufactured tobacco (-9.9%) and other TIC (-2.2%).
• Decrease in net domestic tax revenue by 5.1%, taking into account tax refunds, rebates and refunds which were 4,600 MDH at the end of July 2020 against 5,251 MDH a year earlier.
• Increase in non-tax revenues of 52.2% due in particular to the increase in payments from special treasury accounts for the benefit of the general budget (16.4 billion dirhams against 2.7 billion dirhams) and assistance funds (4.141 million dirhams against 550 MDH), combined with the drop in monopoly revenues (3,341 MDH against 5,589 MDH), privatization revenue, debt relief revenue (1,087 MDH against 1,704 MDH) and the gas pipeline fee (247 MDH against 637 MDH).
2. Expenses:
– An overall expenditure commitment rate of 56% and an issuance rate on commitments of 86% compared to 58% and 82% respectively a year earlier.
– Ordinary expenditure issued up by 1.8%, due to the 8.1% increase in expenditure on goods and services, due to the 7.1% increase in personnel costs and 10.3% other expenditure on goods and services, combined with a 46.8% drop in compensation issues, 3.1% in debt interest charges and 11.9% in tax refunds, rebates and refunds.
– An overall amount of refunds of value added tax (VAT) within and on imports (including the part borne by local authorities) of 5,934 MDH against 7,055 MDH at the end of July 2019.
– Capital expenditure issued up 9.9%, going from 37.3 billion dirhams at the end of July 2019 to 41 billion dirhams at the end of July 2020, due to the 32.8% increase in expenditure for common charges and the 7.8% drop in ministry spending.
3. Treasury balances:
– A negative ordinary balance of 1.6 billion dirhams against a positive balance of 2.3 billion dirhams a year earlier;
– A Treasury deficit of 41.3 billion dirhams, taking into account a positive balance of 1.2 billion dirhams released by the special treasury accounts (CST) and autonomously managed state services (SEGMA), against a Treasury deficit of MAD 28.7 billion at the end of July 2019 given a positive balance of MAD 6.4 billion generated by CSTs and SEGMAs.
– At the end of July 2020, the trust account entitled “Special Fund for the Management of the Covid-19 Coronavirus Pandemic” recorded revenue for 33.7 billion dirhams and expenses for 24.7 billion dirhams.
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