Jordan’s debt hits JD 35 billion, now 91.5% of GDP: finance ministry

Jordan’s public debt reached JD 35.08 billion by the end of March 2025, excluding the holdings of the Social Security Investment Fund (SSIF), accounting for 91.5 percent of the estimated GDP for the same period, according to the Finance Ministry’s monthly bulletin.

This marks an increase from JD 34.18 billion, or 90.2 percent of GDP, at the end of 2024. The figure includes the debts of the National Electric Power Company and the Water Authority, which together total around JD 8.8 billion.

The ministry attributed the temporary rise in debt to the government securing low-interest, concessional loans that were deposited with the Central Bank of Jordan in preparation for the upcoming Eurobond repayments due in June.

External and Domestic Debt Breakdown

External debt (budgetary and guaranteed), excluding SSIF holdings, reached approximately JD 19.6 billion at the end of March, representing 51.2 percent of GDP—up slightly from JD 19.33 billion, or 51 percent of GDP, at the end of 2024.

Meanwhile, domestic debt (budgetary and guaranteed), also excluding SSIF holdings, totaled about JD 15.4 billion, or 40.2 percent of GDP, compared to JD 14.8 billion, or 39.2 percent, at the end of last year.

Debt Servicing and Government Spending

In March alone, interest payments on external debt amounted to JD 24.4 million, while external debt principal repayments totaled approximately JD 56 million.

The central government’s total revenue during the first quarter of 2025 amounted to JD 2.163 billion, up JD 103 million—or 5 percent—from JD 2.060 billion in the same period of 2024.

Total government spending during the same period reached JD 2.7 billion, a rise of JD 212 million—or 8.5 percent—from JD 2.488 billion in the first quarter of last year.

This increase was driven by a JD 147 million (6.2 percent) rise in current expenditures and a JD 65 million (65.2 percent) surge in capital spending.

Widening Budget Deficit

These developments resulted in a budget deficit of JD 537 million during the first quarter of 2025 after foreign grants, compared to JD 428.8 million in the same period last year.

Before grants, the deficit stood at JD540.4 million, up from JD478.3 million year-on-year.