Jordan’s Cabinet has endorsed the draft state budget law for 2015, with a deficit estimated at JOD 688 million after foreign financial assistance, according to the Jordan Times.
Public spending for 2015 is expected to reach JOD 8.096 billion, registering an increase by JOD 255 million over public expenditure re-estimated for 2014, Finance Minister Umayya Toukan told the Council of Ministers on the main outlines of the draft law.
Toukan added that the domestic revenues in the draft law are anticipated to stand at JOD 6.28 billion compared to JOD 5.7 billion re-estimated for 2014, while overall domestic, revenues and grants are forecast to reach JOD 7.4 billion.
Current spending is expected to reach JOD 6.9 billion against the re-estimated figure for 2014, rising by 2.9%, Toukan noted, adding that the rise in spending is as a result of the natural increase in the salaries of public sector employees.
Furthermore, capital spending would grow by 5.3% to JOD 1.1 billion, representing approximately 14.5% of overall expenditure, according to the budget estimates.
The gross domestic product (GDP) is estimated to rise by 4% in 2015 and 4.5% in 2016 and 2017, whereas inflation rate is expected to fall to 2.4% in 2015, against three percent by the end of 2014.
Public spending for 2015 is expected to reach JOD 8.096 billion, registering an increase by JOD 255 million over public expenditure re-estimated for 2014, Finance Minister Umayya Toukan told the Council of Ministers on the main outlines of the draft law.
Toukan added that the domestic revenues in the draft law are anticipated to stand at JOD 6.28 billion compared to JOD 5.7 billion re-estimated for 2014, while overall domestic, revenues and grants are forecast to reach JOD 7.4 billion.
Current spending is expected to reach JOD 6.9 billion against the re-estimated figure for 2014, rising by 2.9%, Toukan noted, adding that the rise in spending is as a result of the natural increase in the salaries of public sector employees.
Furthermore, capital spending would grow by 5.3% to JOD 1.1 billion, representing approximately 14.5% of overall expenditure, according to the budget estimates.
The gross domestic product (GDP) is estimated to rise by 4% in 2015 and 4.5% in 2016 and 2017, whereas inflation rate is expected to fall to 2.4% in 2015, against three percent by the end of 2014.
Source:
Mubasher
