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Jordan's cabinet approves $ 13 billion budget for 2019
Jordan's cabinet on Wednesday approved a budget of 9.25 billion dinars ($ 13 billion) for 2019 as part of fiscal reform to ease the record debt burden and stimulate economic growth hit by conflict in the region, officials said.
Finance Minister Ezzedine Kanakria said the budget, which will be sent to parliament for approval, includes a deficit equivalent to 2 percent of Jordan's GDP.
The cabinet expects government revenues of 8.6 billion dinars next year, supported by tax increases backed by the International Monetary Fund, to help the kingdom restore fiscal discipline for sustainable recovery, officials said.
The aid-dependent economy estimates the projected foreign aid budget at about 600 million dinars. Direct cash support from major donors usually covers the chronic budget deficit.
He told state-run Saudi television that the tax law passed by parliament earlier this month would help the government curb tax evasion.
Critics of the tax law said it would reduce domestic consumption and was a blow to the morale of investors already affected by the political uncertainty surrounding the risk of a new wave of protests.
An earlier version of the bill sparked some protests last summer, which was the biggest in years.
Public finances in Jordan are under pressure, and the government is struggling to reduce the record public debt of more than $ 37 billion, equivalent to 96 percent of GDP.
In the last two years, the kingdom has increased public sales taxes and cut support under austerity program with the International Monetary Fund to reduce public debt to 77 percent of GDP by 2021.
But austerity measures have affected growth, and the economy is expected to continue to slow at around 2 percent next year.
And growth at about half the levels recorded during the last decade in a boom fueled by high aid levels, capital flows and investments.
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