The Jordanian government submitted to parliament the new state budget for 2014 envisaging a 15% increase in the budget deficit to JOD 1.114bn (USD 1.57bn), state news Petra reported. Total spending will rise 12.8% to JOD 8.096bn in 2014 and total revenue (including grants) will increase 12.5% to JOD 6.982bn. The draft budget forecasts a 3.5% GDP growth in 2014, up from a projected 3.3% for this year. CPI inflation will slow down to 4.2% in 2014 from an expected 5.9% in 2013, according to the draft budget law.
The government also submitted another draft law for the 2014 budget of independent government institutions. The total revenue of the latter will reach JOD 1.71bn and spending will total JOD 1.83bn with an expected deficit of JOD 119mn, according to finance minister Umayya Toukan.
In 2014, the government will continue to subsidise bread prices and will enhance the social safety net, according to earlier reports.
The revised 2013 budget parameters forecast JOD 6.208bn in total revenue and JOD 7.176bn in spending, resulting in a JOD 968mn budget deficit.
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