Jordan this week released a draft budget for 2016. Despite regional economic and geopolitical headwinds the budget projects a near-10% rise in spending from revised 2015 figures, fueled by a projected 11% rise in revenues.
The budget, unveiled by since-replaced Finance Minister Umayya Tuqan on 8 November, projects a deficit of JD907mn ($1.28bn at a fixed JD1=$1.41), or 3.1% of GDP including foreign grants, almost the same as the expected deficit of JD915mn in the current year. The original 2015 budget projected a deficit of JD468mn. But this was based on the receipt of JD1.128bn in foreign grants, some of which have yet to materialize. (CONTINUED - 902 WORDS)