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Jordan's fiscal budget deficit rises to JD428.8 million

Jordan's fiscal budget deficit rises to JD428.8 million

Jordan's fiscal budget deficit rises to JD428.8 million

Published :  
2 weeks ago|
Last Updated :  
2 weeks ago|

The Ministry of Finance released Jordan’s latest fiscal data, revealing a notable increase in the country's fiscal deficit for the first quarter of 2024.

The fiscal deficit, after accounting for aid, rose by JD47.7 million to reach JD428.8 million, according to the ministry's report. This marks a 0.8 percent increase compared to the same period last year, where the deficit stood at approximately JD381.1 million.

Domestic revenues in Jordan showed a positive trend during the first quarter of the current year, totaling JD2.041 billion. This figure represents a rise of JD45.6 million compared to the corresponding period in the previous year.

Notably, these revenues covered 85.4 percent of the government's current expenditures.

Tax revenues contributed significantly to the overall revenue increase, climbing by about JD61.7 million during the reporting period.

On the expenditure front, the central government's total spending for the first quarter of 2024 amounted to approximately JD2.488 billion, up from JD2.387 billion in the same period last year.

The Jordanian government's debt balance, excluding holdings by the Social Security Investment Fund (SSIF), stood at JD32.537 billion as of March 2024, equivalent to 89.1 percent of the Gross Domestic Product (GDP).

This figure marks a slight decrease from 89.5 percent recorded at the end of 2023.

The positive adjustments in Jordan's financial indicators are attributed to continuous economic reforms supported by favorable assessments from International Monetary Fund (IMF) reviews.

These reviews have enabled Jordan to access approximately 97.784 million Special Drawing Rights (SDRs) (equivalent to about USD 130 million) from the IMF's resources.

This forms part of a larger IMF program totaling 926.370 million SDRs (approximately USD 1.2 billion) approved in November last year.