A $640 million budget surplus for the 1999 July-October period

The Moroccan budget recorded a surplus of 6.4 billion dhs ($640 mln) in the first 4 months of the 1999-2000 exercise, starting in July 99, said figures released by the economy and finance department.

The surplus boasted is accounted for by revenues from the second GSM license, otherwise these four months would have been marked by a $0.43 million deficit. The same period of the previous exercise had recorded a budget deficit worth $200 million, said the department.

While fiscal revenues recorded a positive trend except for customs rights, non-fiscal income rocketed with a 106% increase thanks to the GSM operation.