Major Discrepancies in Moroccan State-Owned Enterprises

A recent report attached to the 2027 finance bill draft revealed significant discrepancies in the operations of state-owned enterprises (SEGMA) in Morocco. These enterprises received 427.77 million dirhams from the general budget in the previous year, marking a 20% increase from 2024. However, they retained a surplus of 4.32 billion dirhams, comprising 2.90 billion in operating budgets and 1.41 billion in investment budgets.

The report highlighted that only 402.58 million dirhams were spent on investments, representing 24.90% of the allocated 1.62 billion dirhams. The healthcare sector, which includes 81 facilities, including 70 hospitals, received 185.62 million dirhams from the general budget and retained a surplus of approximately 1.99 billion dirhams. However, investment expenditures in this sector were limited to 26.34 million dirhams out of 224.45 million allocated, accounting for 11.73%.

The education and vocational training sector also exhibited similar discrepancies. These institutions received 187.52 million dirhams from the state and generated 113.67 million dirhams in self-financing. However, their self-financing only covered 45.20% of their expenses, totaling 251.46 million dirhams. They spent 80.05 million dirhams on investments out of 349.72 million allocated, representing 22.89%.

The report also noted that certain institutions had low rates of trainee enrollment. For example, the Technical Institute of Agricultural Tiffelt had 51 trainees out of 200 enrolled, representing 25.5%. Similarly, the Institute of Specialized Technicians in Agricultural Mechanization and Rural Equipment in Bouqnadel-Sala had 25 trainees out of 80 enrolled, accounting for 31%.

In the first half of 2026, the self-financing of these enterprises reached 3.03 billion dirhams, with the healthcare sector contributing 68.10% of this amount, or 2.06 billion dirhams. The report also revealed that the self-financing of other sectors covered only 92.9% of their expenses, while the healthcare sector achieved a coverage rate of 111.78%.

Some enterprises, such as those in the leisure sector, including the Mohammed VI Museum of Water Civilization, achieved a coverage rate of 69.63%. The museum recorded 20,387 visitors and 19 rental operations during the year. In contrast, the Department of State-owned Enterprises responsible for privatization spent only 516,000 dirhams on investments out of 23.55 million allocated, representing 2.19%, with no self-financing generated.

The report concluded that the surplus of these enterprises reached 4.89 billion dirhams, while they only spent 2.88 billion dirhams out of 6.47 billion allocated for investments, representing 44.56%. The enterprises' self-financing achieved a rate of 181.59%, indicating that projections covered only 55% of the actual results. Meanwhile, the state's allocations reached only 70.72% of the expected amount, or 427.77 million dirhams out of 604.86 million.

Key points

• State-owned enterprises in Morocco spent only 25% of their investment allocations.
• The healthcare sector retained a surplus of approximately 1.99 billion dirhams.
• The education and vocational training sector spent 22.89% of its investment allocation.