Royal Decree approves 2025 General Budget Law

A Royal Decree was issued on Thursday approving the General Budget Law for the fiscal year 2025, with its publication in the Official Gazette.

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On Tuesday, the Senate approved the General Budget Law for the fiscal year 2025, as received from the House of Representatives with no amendments.

Finance Minister Dr. Abdelhakim Al-Shibli delivered the 2025 budget speech during a Senate session on Tuesday, chaired by Senate President Faisal Al-Fayez.

In his remarks, the finance minister announced a government-approved plan to settle outstanding arrears accumulated over four years.

The plan covers payments owed to various entities, including the Jordan Petroleum Refinery Company, pharmaceutical warehouses and companies, university hospitals, and national electricity distribution companies.

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The initiative aims to curb the accumulation of arrears and inject liquidity into the local market to support economic stability.

Al-Shibli highlighted that the national reform program has achieved its fiscal targets, significantly contributing to public financial stability.

The government projects a decline in the public debt-to-GDP ratio to around 90 percent in 2025, with a further reduction to 80 percent anticipated by 2028.

The minister also forecasted a reduction in both the primary and overall budget deficits as a percentage of GDP to approximately 2 percent and 5.7 percent, respectively, by 2025.