Budget Balance Shows a Surplus of 655 Million Dinars
The budget balance revealed a surplus of around 655 million dinars (MD) at the end of September 2025, compared to a deficit of 1067 MD a year earlier, according to the provisional results of the state budget execution report published by the Ministry of Finance.
Positive Result
This positive result was favored by the increase in budgetary resources at a rate of 6.9% to reach 36 billion dinars, outpacing the growth of budgetary expenditures, which increased by 2.7% to 35.2 billion dinars.
Improvement in Budgetary Resources
The improvement in budgetary resources is mainly explained by the increase in tax revenues of 7.6% to 33.4 billion dinars, and non-tax revenues of 13.6% to 2.4 billion dinars, compared to the same period last year.
Increase in Budgetary Expenditures
The increase in budgetary expenditures is due to the growth of compensation expenses by 5% to 17.4 billion dinars, and intervention expenses by 10.8% to approximately 9.2 billion dinars.
Decrease in Investment and Management Expenses
In contrast, investment and management expenses recorded a decrease of 12.2% to 2.7 billion dinars, and 13.4% to approximately 1.2 billion dinars, respectively, at the end of September 2025.
Distribution of State Expenses
In fact, management expenses account for only 3.4% of the total state expenses, while investment expenses are limited to 7.8% of the total expenses. On the other hand, compensation and intervention expenses account for 49.5% and 26.1% of the total state expenses, respectively.
Financing Charges
Financing charges (interest on debt) slightly decreased by 4.1%, from 4.8 billion dinars during the first nine months of 2024 to 4.6 billion dinars in September 2025.
Treasury Resources
Treasury resources evolved positively by 16.5% to 15 billion dinars at the end of the third quarter of 2025, compared to 12.9 billion dinars a year earlier. These resources will be mobilized, to the tune of 99% (14.8 billion dinars), for the repayment of the principal debt.
Increase in Public Debt Service
The Ministry of Finance document also reported an increase in the public debt service of 19%, exceeding 19.5 billion dinars, including 10.8 billion dinars in domestic debt and 8.7 billion dinars in foreign debt.
Shift towards Domestic Debt
It is worth noting that the government is increasingly resorting to domestic debt, which has increased by 42.7% in one year (September 2024 - September 2025), at the expense of foreign debt, which has decreased by 1.3% during the same period.
