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Jordan’s fiscal situation is getting grimmer as foreign grants trickle in more slowly than expected.
Latest official stats show it got just JD152mn ($214mn at the fixed JD1=$1.41) in Jan-Apr 2016, down 40% from JD247mn in Jan-Apr 2015. Year-to-April receipts were just 19% of the expected 2016 total, compared to 28% for Jan-Apr 2015. The inflow is unlikely to improve given lower revenue in GCC states and sluggish growth in key western economies.
As a result Jordan posted a JD22.1mn deficit for Jan-Apr 2016 versus a JD164.7mn surplus a year earlier. Revenue for Jan-Apr 2016 was JD2.43bn ($3.43bn) virtually unchanged from JD2.42bn a year earlier; spending of JD 2.45bn ($3.46bn) is up slightly from JD2.26bn. Public debt was JD25.3bn ($36bn) at end-April, the equivalent of 94% of GDP. Debt includes JD6.7bn ($9.0bn) incurred by state utilities Nepco and Water Authority of Jordan over several years (MEES, 25 March). Public debt at end-2015 was marginally less at JD24.9bn ($ 35.1bn), or 93% of GDP. (CONTINUED - 303 WORDS)