The first major economic text of the Mansouri government has landed. On Friday, October 23, 2026, Finance Minister Fouzi Lekjaa presented the 2027 Finance Bill (PLF) to both chambers of Parliament in Rabat, six days after its adoption in the Council of Government and eight days after the King validated its general orientations in the Council of Ministers. This is the budget that will define Morocco's fiscal trajectory through the end of the decade.
The 2027 budget in six numbers
Projet de Loi de Finances, presented October 23, 2026
The macroeconomic framework
The PLF 2027 rests on a set of hypotheses that reflect both the resilience of the Moroccan economy and the uncertainties of the global environment. After growth estimated at 4.7% in 2026 (boosted by an exceptional cereal harvest of 93 million quintals and a 16% rebound in agricultural value added), the government expects growth to moderate to 3.7% in 2027, based on a cereal harvest hypothesis of 70 million quintals. Inflation is projected at 1.5%, after just 0.7% expected for 2026.
| Indicator | 2026 (estimate) | 2027 (budget) |
|---|---|---|
| GDP growth | 4.7% | 3.7% |
| Inflation | 0.7% | 1.5% |
| Cereal harvest | 93 M quintals | 70 M quintals |
| Budget deficit | ~3.5% | 3.0% |
| Brent (hypothesis) | $87.2/barrel | -- |
| Butane gas | $600/ton | $600/ton |
The deficit target of 3% of GDP confirms Morocco's commitment to fiscal consolidation: this is the first budget since the 2008 financial crisis to target a return to the 3% Maastricht-equivalent threshold, down from a peak of over 7% during the Covid years.
Where the money goes
Revenues
Ordinary revenues are budgeted at 482.42 billion dirhams, split between 437.4 billion in tax revenues and 45 billion in non-tax revenues. This represents continued growth from the 2026 level, driven by the progressive income tax reform (which costs 5.5 billion dirhams but broadens the base over time) and the new corporate tax measures targeting fuel importers.
Expenditures
Ordinary expenditures are estimated at 433.08 billion dirhams. The two heaviest items are:
- Personnel costs: 195.67 billion dirhams — nearly half of ordinary spending, reflecting the weight of the public payroll
- Debt service: 45.94 billion dirhams — interest and commissions on Morocco's growing but manageable public debt
Public investment reaches 138.03 billion dirhams in payment appropriations, maintaining Morocco's counter-cyclical investment effort that has been a hallmark of recent budgets.
The financing gap
The gross financing need of the State reaches approximately 159 billion dirhams, after accounting for debt principal repayments. This will be covered through a mix of domestic bond issuances, international market access and multilateral financing.
34,454 new government jobs
The PLF 2027 creates 34,454 budgetary positions for public administrations and institutions. The breakdown reveals the new government's priorities:
| Ministry / Institution | New posts |
|---|---|
| Interior | 14,200 |
| National Defense | 5,500 |
| Health and Social Protection | 5,400 |
| Economy and Finance | 2,460 |
| Higher Education | 1,920 |
| Prison Administration | 1,500 |
| Habous and Islamic Affairs | 400 |
| Education (regularization) | 600 |
| Other departments | 2,474 |
An additional 500 positions are reserved for allocation by the Head of Government, including 200 for persons with disabilities.
The 2030 World Cup fiscal regime
The PLF 2027 introduces a specific fiscal framework for the organization of the FIFA 2030 World Cup, which Morocco will co-host with Spain and Portugal. The measures include:
- Customs duty exemptions on imported goods and equipment needed for stadium construction and tournament operations
- VAT exemptions on certain services related to the event
- A streamlined tax regime for FIFA and its subsidiaries operating in Morocco during the preparation and tournament period
These provisions mirror those adopted by previous host countries and are designed to ensure Morocco meets its commitments under the co-hosting agreement.
Other notable measures
- Amazigh language fund: 400 million dirhams to support the official implementation of Amazigh in public administration
- E-cigarette tax: doubled from 50 to 100 dirhams per unit
- Luxury vehicle tax: the registration "taxe de luxe" is raised across all brackets — vehicles above 1 million dirhams now face a 24% stamp duty (up from 20%)
- Youth employment fund: 1.99 billion dirhams
- Agricultural development fund: 4.2 billion dirhams
- Digital transformation fund: 1.02 billion dirhams
What this budget means
This is a transition budget — the first of the Mansouri government, built on the structural reforms initiated under the previous Akhannouch administration but stamped with the new government's social priorities. The three biggest structural measures are:
-
The progressive income tax reform (2027-2031) that will eventually exempt 87% of salary earners — see our detailed analysis
-
The social protection package — minimum pension raised to 3,000 dirhams, widow's pension doubled, direct social aid increased — see our social measures guide
-
The 2030 World Cup fiscal regime that creates a dedicated legal framework for one of the largest infrastructure programs in Morocco's history
The budget now enters the parliamentary review process, with the general discussion expected to begin in November and final adoption targeted before the end of the year.
Sources
This article is based on the PLF 2027 documents published by the Ministry of Economy and Finance on October 23, 2026, and the Minister's presentation to Parliament. The complete texts are available at finances.gov.ma.
Yassine follows the Casablanca Stock Exchange, Bank Al-Maghrib decisions and Morocco's macroeconomic indicators. He translates market moves into clear, practical takeaways for Moroccan investors and savers.
