Jordan Looks To Slash Deficit In 2015 Budget

Jordan is planning to increase its state expenditure in 2015 by 3.2% to JD8.096bn ($11.415bn). Despite this, ‘Amman hopes to reduce its deficit (after grants) by almost 40% to an estimated JD688mn ($970mn) from JD1.114bn ($1.571bn) in 2014, according to the draft budget which was approved by the cabinet at the end of October.

Domestic revenue (other than grants) is projected to rise by 10% to JD6.28bn ($8.855bn). With inflation projected at 2.4% in the 2015 budget, spending is slated to rise by less than 1% in real terms.

Jordan is currently hosting over 600,000 Syrian refugees, who fled their country after the 2011 uprising which has now morphed into a bloody war. This has severely burdened the kingdom’s economy, leading it to turn to the international community to cope with the extra cost. (CONTINUED - 744 WORDS)