The Moroccan government's budget for 2027 is set to receive a significant boost from public establishments and enterprises (EEP). According to a report accompanying the 2027 finance bill, these entities are expected to contribute 23.027 billion dirhams to the state's budget, representing an 18% increase from the initial 2026 forecast of 19.52 billion dirhams. This growth is expected to strengthen the contribution of public operators to the state's budget resources.
The forecasted contribution for 2027 marks a significant rebound from the 2026 projected figure of 20.69 billion dirhams, which represents a near-stagnation from the 2025 actual figure of 20.61 billion dirhams. The 2027 projected figure exceeds the 2026 initial forecast by 1.17 billion dirhams. The report also provides projections for 2028 and 2029, which are expected to be 18.28 billion dirhams and 18.85 billion dirhams, respectively.
Despite the expected decline in 2028 and slight recovery in 2029, the contribution of EEPs to the general budget has more than doubled over the past decade. Between 2015 and 2025, these contributions grew from 8.96 billion dirhams to 20.61 billion dirhams, representing a substantial increase. In 2025, the contributions from EEPs rose by 24% compared to 2024, when they stood at 16.63 billion dirhams.
The main contributors to the state's budget in 2025 were the National Agency for Land Conservation, Cadastre, and Cartography (ANCFCC) with 6.50 billion dirhams, OCP SA with 6.17 billion dirhams, and Bank Al-Maghrib with 4.26 billion dirhams. These three entities accounted for approximately 82% of the total contributions from EEPs in 2025, reflecting their significant economic and financial weight.
The report highlights that the concentration of contributions from these three entities is a relatively stable trend over the recent period. Between 2020 and 2025, OCP SA, ANCFCC, and Bank Al-Maghrib represented an average of around 84% of the total contributions from EEPs. This stability underscores the crucial role these entities play in supporting the state's budget.
In addition to generating revenue for the state, EEPs also receive transfers from the government. In 2025, these transfers amounted to 72.90 billion dirhams, up from 61.19 billion dirhams in 2024, representing a 19.1% increase. The transfers to EEPs have grown significantly over the past decade, from 26.30 billion dirhams in 2015 to 72.90 billion dirhams in 2025, corresponding to an average annual growth rate of 10.7%.
The report notes that the increasing importance of EEPs in implementing public policies and their significant investment programs is reflected in the growth of state transfers to these entities. The transfers have nearly tripled over the past decade, highlighting the crucial role EEPs play in supporting the state's development initiatives.
Key points
- Morocco's public establishments and enterprises are expected to contribute 23.027 billion dirhams to the state's budget in 2027.
- The contribution of EEPs to the general budget has more than doubled over the past decade, growing from 8.96 billion dirhams in 2015 to 20.61 billion dirhams in 2025.
- The main contributors to the state's budget in 2025 were ANCFCC, OCP SA, and Bank Al-Maghrib, accounting for approximately 82% of the total contributions from EEPs.
