2025 State Budget: Key Figures Revealed
The main figures for the 2025 state budget have been released, and while they are not yet definitive, they are almost certain to remain unchanged. This is because any proposal to modify expenditure must be accompanied by an equivalent proposal for revenue, which is technically challenging to achieve.
Revenue and Expenditure
The budgeted revenue amounts to 50,028 billion dinars, comprising:
- 45,249 billion dinars in tax revenue
- 4,429 billion dinars in non-tax revenue
- 350 billion dinars in donations
Meanwhile, expenditure is expected to reach 59,828 billion dinars, resulting in a deficit of 9,800 billion dinars.
Debt Program
The debt program is colossal, with gross debt amounting to 28,203 billion dinars, broken down into:
- 21,872 billion dinars of internal debt
- 6,131 billion dinars of external debt
- 200 billion dinars from other treasury resources
These amounts will be used to cover the expected deficit and refinance the repayment of the principal debt, which includes:
- 9,734 billion dinars for internal debt
- 8,469 billion dinars for external debt
- 200 billion dinars to settle net loans and advances from the Treasury
Public Sector Workforce
The authorized public sector workforce is expected to reach 663,757 agents.
Implications
The significant debt on the local market will likely delay the decrease in interest rates. Furthermore, the debt service structure, whose total amount is still unknown due to the lack of interest charges, has been reversed, with more dinar-denominated debt than foreign currency-denominated debt. If the shortage of foreign resources persists, we will continue to adopt a prudent policy of rationalizing the use of foreign exchange reserves. The 2025 budget exercise will not differ from the 2024 exercise, with the same challenges and approach.
