HIBAPRESS- Rabat
On Monday, January 26, 2026, Mr. Fouzi Lajja'a, the Minister Delegate in charge of the Budget, presented to the House of Representatives an important speech on the results of the implementation of the 2025 Finance Law, through which he revealed positive economic and financial indicators that reflect the strength of the national economy and the effectiveness of the strategic choices pursued by the Kingdom under the wise leadership of His Majesty King Mohammed VI, may God protect him, despite the international context characterized by volatility and uncertainty.
Lajja'a confirmed that the national economy recorded a noticeable improvement in its overall performance during 2025, supported by the recovery of the agricultural sector, which is expected to achieve a growth of 4.6 percent, after a contraction of 4.8 percent in 2024, thanks to the encouraging rainfall that heralds a promising agricultural season. In parallel, non-agricultural activities continued their positive momentum, with an expected growth rate of about 4.6 percent, supported by a number of sectoral indicators, including an 8.2 percent increase in cement sales, as well as the strong performance of the tourism sector, which is expected to receive about 20 million tourists by the end of 2025, an increase of more than 14 percent compared to 2024. Regarding the external situation, Lajja'a highlighted that the Kingdom has accumulated record reserves of hard currency, exceeding 440 billion dirhams by the end of 2025, recording an increase of 18 percent compared to last year, which is equivalent to more than 5.5 months of imports, thanks to the good performance of remittances from Moroccans abroad, tourism revenues, and the flows of foreign direct investment, which amounted to $5 billion. At the level of public finances, the minister stressed that the state's ordinary revenues amounted to about 424 billion dirhams, an increase of about 53 billion dirhams compared to 2024, with a growth rate of 14.2 percent. He explained that this improvement is mainly due to the strong increase in tax revenues, which recorded an increase of 43.8 billion dirhams, equivalent to 14.7 percent, with an implementation rate of 107 percent compared to the expectations of the Finance Law, which, according to Lajja'a, reflects the success of tax reforms, the decline in tax evasion, and the improvement in tax compliance. Thanks to this positive performance, the government was able to fulfill its social obligations, as 15 billion dirhams were mobilized to cover salary increases for employees within the framework of social dialogue, in addition to raising the budget for the generalization of social protection to 37.7 billion dirhams in 2025, compared to 32 billion dirhams in 2024. The state also continued to support the purchasing power of citizens by allocating 17.7 billion dirhams to support the prices of butane gas, wheat, and sugar, and 4 billion dirhams to support the National Office of Electricity and Drinking Water to maintain the stability of electricity prices, in addition to 5.5 billion dirhams for the benefit of the national program to reshape the national herd. Lajja'a affirmed that the tight coordination between budgetary policy and monetary policy contributed to maintaining an inflation rate of less than 1 percent, which strengthened price stability and protected the purchasing power of Moroccan families. On the level of macro-economic balances, the minister pointed out that the budget deficit was limited to 3.5 percent in 2025, in line with the expectations of the Finance Law, while the Treasury debt recorded a decline from 67.7 percent of the gross domestic product in 2024 to 67.2 percent in 2025, with an expectation of the continuation of this downward trend to reach about 64 percent by 2028. Lajja'a concluded his speech by emphasizing that these positive results enhance the confidence of partners and international financial institutions in the national economy, highlighting that the praise of the International Monetary Fund, the World Bank, and international rating institutions reflects the strength of the future prospects of the economic and financial policy of the Kingdom, and its ability to achieve sustainable growth within the framework of continuous financial and social stability.
