Jordan approved budget

The budget estimates a deficit of around JOD1.310 billion

Last updated:
1 MIN READ

AMMAN: The Jordanian cabinet has endorsed a budget of 7.456 billion dinars ($10.46 billion) for 2013, Jordan’s official news agency Petra reported Wednesday.

The budget envisaged a deficit of around JOD1.310 billion, or 5.4% gross domestic product, the agency said, quoting the country’s Finance Minister Suleiman Hafez.

According to Hafez, the projected deficit figure stands at around JOD2.16 billion before any grants are calculated, or 8.9% of the GDP.

Of the total budget figure, JOD6.21 billion is allocated for current expenses, while the remaining JOD1.24 billion is allocated for capital expenses.

The heaviest burden on Jordan’s budget is imports of crude oil and fuel. The kingdom, home to about 6 million people, imports 96% of its energy and consumes a little over 100,000 barrels a day.

Jordan’s bill of crude oil and oil products rose by 30.8% in the first half of 2012 standing at JOD2.509 billion compared with JOD1.918 billion in the same period of 2011, according to figures released by the state-run department of statistics.

In November, a government decision to increase fuel prices-including household gas-by up to 53% sparked a series of protests.

Sign up for the Daily Briefing

Get the latest news and updates straight to your inbox

Up Next