Morocco Reduces Treasury Special Accounts to 55 in 2026 Budget Plan

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Morocco Reduces Treasury Special Accounts in 2026 Budget Plan

Morocco has announced a significant reduction in the number of treasury special accounts as part of its 2026 finance bill. According to official budget documents released this week, the number of these accounts has been cut from 69 to 55, representing a decrease of 14 funds. This move is part of broader efforts to streamline government spending and improve fiscal efficiency.

Despite the reduction in the number of accounts, the total allocations for these funds remain substantial, amounting to 154.47 billion dirhams. The Social Protection and Solidarity Fund is the largest recipient, with 36.49 billion dirhams allocated. This is followed by local governments, which receive 57.59 billion dirhams through value-added tax revenue shares. Additionally, a separate regional fund receives 9 billion dirhams.

Key Allocations and Development-Oriented Funds

Several development-oriented funds continue to absorb a large portion of the budget. These include:

  • Housing and Urban Integration: 5.72 billion dirhams
  • Earthquake Recovery: 5 billion dirhams
  • Integrated Territorial Development: 5 billion dirhams
  • Agricultural Development: 4.2 billion dirhams
  • Investment Promotion: 3.35 billion dirhams

These allocations highlight the government's focus on long-term infrastructure and economic growth, particularly in regions affected by natural disasters.

Growth in Resources and Expenditures

A report attached to the finance bill indicates a sharp increase in both resources and expenditures across these funds since 2023. This growth is primarily attributed to several key factors:

  • Social Protection Initiatives: Increased funding for social safety nets and welfare programs.
  • Local Government Transfers: Higher allocations to support regional development and public services.
  • Post-Earthquake Reconstruction Efforts: Significant investments in the Al Haouz region, which was severely impacted by a recent earthquake.

The report underscores the challenges faced by the Moroccan government in balancing fiscal responsibility with the need to address pressing social and economic issues.

Implications for Fiscal Policy

The reduction in the number of treasury special accounts signals a shift towards more centralized and transparent financial management. By consolidating funds, the government aims to reduce administrative complexity and enhance accountability. However, the continued high level of allocations suggests that these accounts will still play a critical role in shaping national priorities.

This move also reflects a broader trend in global fiscal policy, where governments are increasingly seeking to optimize resource distribution while maintaining essential services. For Morocco, the challenge lies in ensuring that the reduced number of accounts does not compromise the effectiveness of targeted spending.

Future Outlook

As the 2026 budget plan moves forward, the success of these reforms will depend on several factors, including effective implementation, monitoring, and evaluation. The government will need to ensure that the remaining accounts are used efficiently and that the benefits of these allocations reach the intended beneficiaries.

Moreover, the ongoing recovery efforts in Al Haouz and other regions will require sustained investment and coordination between different levels of government. The upcoming budget will be a crucial test of Morocco's ability to balance fiscal discipline with the need for inclusive growth and social stability.

In conclusion, the reduction in treasury special accounts marks an important step in Morocco's fiscal strategy. While the number of accounts has decreased, the overall funding remains substantial, reflecting the country's commitment to addressing both immediate and long-term developmental needs.

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