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Cash-strapped Jordan is slashing its budget deficit in nominal terms by 25% in 2017 to JD830mn ($1.17bn), or 2.8% of GDP, from the revised deficit of JD1.1bn ($1.55bn), or 4% of GDP in 2016, in line with the IMF-supported reforms to rationalize expenditure.
The kingdom is currently hosting close to 1.5 million Syrian refugees who continue to be a heavy financial burden on the country and its scarce resources.
Jordan’s Lower House of parliament on 19 January approved the 2017 budget which projects a 12.3% increase in nominal terms in total revenue to JD8.12bn ($11.45bn) from a revised JD7.23bn in 2016 (see table). Finance Minister ‘Umar Malhas explained in parliament that the projected increase in the 2017 budget revenue is the result of a 20% rise in aggregate tax revenue after the unification of the 16% sales tax (which abolishes the zero tax on certain items) and a 7.3% hike in non-tax revenue. (CONTINUED - 1010 WORDS)
DATA INSIDE THIS ARTICLE
|table||Jordan: Revenue & Spending (Jd Bn)|