2023-06-19 11:00:47
The excess resources mobilized made it possible to build up a cushion to prepare the cover, in respect of the coming months, of the significant falls in Treasury debt resulting from the above-mentioned short-term issues.
Finances: The financing requirement is mainly covered by recourse to the domestic market. Of the 198.8 billion dirhams mobilized, 162.1 billion dirhams come from the domestic market and nearly 31.5 billion dirhams from external drawings.
The Ministry of Economy and Finance has just delivered its reading of the budgetary situation for the first five months of the year. The established report shows that the execution of the finance law at the end of May takes place in a context still marked by the continuation of inflationary pressures and the tightening of monetary policies both at national and international level. “Despite this context, economic activity would have accelerated slightly compared to the same period of 2022, notably under the effect of a recovery in agricultural value added, despite unfavorable rainfall and the strengthening of activity. excluding agriculture, driven in particular by the maintenance of the dynamism of the tertiary sector, particularly supported by the transport and tourism sectors”, can we read in the statistical document of the ministry.
At the end of May 2023, the situation of Treasury expenses and resources shows a financing requirement of around 26.5 billion dirhams. “This need, increased by debt amortizations for an amount of 132.3 billion DH, including 127.9 billion DH for domestic debt, resulted in a gross financing requirement of 158.8 billion DH”, we note in this sense. He added that “the level of domestic debt amortization results from the concentration of issues at the end of 2022 and the beginning of 2023, on short-term maturities, due to the preference of investors for these maturities in a context of rising interest rate expectations”. It should be noted that the financing requirement is mainly covered by recourse to the domestic market.
Of the 198.8 billion DH mobilized, 162.1 billion DH come from the domestic market and nearly 31.5 billion DH from external drawings, including the 25.8 billion DH mobilized on the international financial market. Referring to the statistical document from the Ministry of the Economy and Finance, the surplus of the resources mobilized made it possible to build up a cushion to prepare the cover, for the coming months, of the significant falls in the Treasury debt resulting from the issuances to short term mentioned above.
“Building up this cushion is part of proactive debt management, with the aim of reducing refinancing risk and enabling the Treasury to cope with any new reversal in the market trend in a marked context by a lack of visibility of investors regarding monetary policy decisions”, explains the ministerial department in its publication. And to specify that “the cash surplus is the subject of investment operations within the framework of the active management of the cash in order to optimize the cost of financing of the State”. As a reminder, the situation of Treasury expenses and resources shows a worsening of the budget deficit for the first five months of the year. The latter amounted to 24.6 billion DH at the end of May once morest 13.9 billion DH released in the same period of the previous year. A development which, according to the Ministry of Economy and Finance, covers an increase of 15.6 billion DH in overall expenditure. It remains indeed much more important than those of the receipts which recovered over the said period of 4.9 billion DH. It should be noted that tax revenues continued to show favorable behavior. They strengthened by 5 billion DH (+4.8%), representing an achievement rate of 42.8%. As for the special accounts of the Treasury, they generated a surplus balance of nearly 16.2 billion DH once morest 21.1 billion DH realized in the same period of last year.
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