Public revenue up, debt down to 85pct of GDP: MoF figures

Jordan’s public revenue jumped by a staggering JD1.207 billion in the first seven months of 2021, the Ministry of Finance (MoF) announced on Monday, but the total revenue for the 7-month period was not disclosed.

The ministry said in a statement that the rise was driven by a JD770-million increase in domestic revenue and a JD437-million increase in foreign aid. Moreover, the ministry indicated that the budget deficit shrank by a massive JD729 million by the end of July against the figure reported in the same period of 2020.

According to the ministry, the Kingdom’s budget deficit stood at JD522 million at the end of July, thanks to improved local revenue.

Highlighting other key public finance figures, the ministry revealed that the nation’s public debt stood at JD27.19 billion at the end of July, comprising 85.8 per cent of estimated Gross Domestic Product (GDP).

However, the ministry pointed out that the debt figures exclude debt instruments held by the Social Security Investment Fund, the investment arm of the Social Security Corporation.

The decline in the Kingdom’s public debt is “due to measures taken by the government within a broader public debt management and finance diversification strategy”, the ministry further added.

Moreover, public expenditures shot up by JD478 million in the January-July period, the ministry noted, explaining that the rise was driven by “prudent” fiscal management and structural, legislative and legal management of tax avoidance and evasion.

Source: Jordan News Agency

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