The Jordanian Cabinet approved a draft budget that focuses on increasing revenues as part of reforming public finances to ease record debt burdens and stimulate economic growth while continuing to rely on foreign aid.
The government views the next year with optimism as being decisive in reducing the fiscal deficit and putting more pressure on debt, in conjunction with the implementation of development programs to gradually move away from the risks caused by the pandemic.
Finance Minister Muhammad Al-Issis pointed out that "through the draft budget, the state is expected to spend 11.4 billion dinars ($16 billion) and pave the way for a recovery in growth."
The government estimates that the deficit will reach about 3.6 billion dollars, with revenues of about 12.4 billion dollars. It is expected that the government will reap more revenues that will reach about $13.4 billion, an increase of 10.4 percent over the current year, of which $1.13 billion is in the form of external grants, a slight increase from $1.12 billion this year.
Jordan has been at the forefront of countries in the Arab region in obtaining international aid for years, given the lack of qualitative growth engines other than relying on revenues from certain sectors, primarily tourism, exports and the industrial sector.
Source (Al-Arab Newspaper of London, Edited)
