Morocco’s state fund manager CDG has reported improved 2025 performance for its two main social security institutions, CNRA and RCAR, as the country pushes ahead with wider social protection reforms under its CAP2030 strategy.
The results were approved after management committee meetings under the leadership of Khalid Safir.
The figures come at a time when Morocco is overhauling its social protection system, with the state aiming to extend coverage and modernise how benefits are delivered.
The CNRA, which manages insurance schemes and specific state-backed social funds, posted a net profit of 172 million dirhams in 2025. Its total assets rose to 29.2 billion dirhams, up by 2.8 billion dirhams over the year. The fund achieved an investment return of 7.1% and maintained a solvency level above 100%, which signals financial stability.
CNRA also continued to handle major government programmes, including direct housing assistance known as “DAAM SAKANE” and support linked to livestock recovery efforts.
The RCAR, the pension scheme covering public sector employees and contracted staff, also recorded solid gains. Its reserves climbed to 142.8 billion dirhams in 2025, helped by investment returns of more than 11%. Net results increased by 7% to reach 1.7 billion dirhams.
CDG said RCAR’s long-term financial outlook has improved, with its viability now extended to 2059. It also reported a reduction of 2 billion dirhams in implicit debt. Both CNRA and RCAR kept service performance high, with fulfilment rates above 95%.
CDG, founded in 1959, plays a central role in managing long-term public savings in Morocco. It collects and secures regulated funds and channels them into national investment projects.
CNRA mainly manages social insurance and state-run support schemes, while RCAR operates as a mandatory pension system for public sector workers and other public bodies.
The results are closely linked to Morocco’s CAP2030 reform plan, which aims to strengthen investment in key sectors such as water, energy and food security, while also improving digital access to social benefits and attracting private investment into new industries.
At the same time, Morocco is still dealing with wider pressure on its pension system. The government has been in talks with unions over reforms, particularly around funding gaps in other pension schemes such as the CMR, which is expected to face reserve shortfalls in the coming years. Discussions have also included wage demands linked to inflation and proposals such as raising the retirement age.
