Jordan’s parliament approves FY 2014 budget with USD 1.6bn deficit

By bne IntelliNews January 16, 2014

The Jordanian parliament endorsed late on January 15 the state budget law for 2014, envisaging a 15% increase in the budget deficit to JOD 1.114bn (USD 1.57bn), the Jordan Times reported. A majority of 57 out of the 102 MPs who attended the session voted ‘Yes’ for the budget. The deliberations over the budget took three days, with 87 lawmakers taking the podium to debate the budget bill.

Total spending will rise 12.8% to JOD 8.096bn in 2014 and total revenue (including grants) will rise 12.5% to JOD 6.982bn. The budget forecasts a 3.5% GDP growth in 2014, up from a projected 3.3% last year. The CPI inflation will slow down to 4.2% in 2014 from an expected 5.9% in 2013, according to the new budget law.

Excluding foreign grants, budget proceeds will climb 11.6% to JOD 5.831bn in 2014. Foreign grants will increase 17.3% to JOD 1.151bn in 2014 from re-estimated JOD 982mn in 2013.

Capital spending will reach JOD 1.27bn in 2014, of which JOD 648mn (54% of the total) will come from the USD 5bn GCC five-year grant program designed for Jordan, according to finance minister Umayya Toukan. In 2014, the government will continue to subsidise bread prices and will enhance the social safety net.

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. 

MPs also approved the draft law for the 2014 budget of independent government institutions. Their revenues for the year are projected to reach JOD 710mn, while their expenditures will stand at JOD 1.83bn, with an expected deficit of JOD 1.19 billion. 

Related Articles

Turkish Airlines' share price falls further after UK follows US with electronics flight ban

The share price of Turkish Airlines (THY) was down 2.88% by the end of trading on March 21 after the UK joined the US in banning electronic devices larger than smartphones in hand luggage on flights ... more

Turkish Airlines' share price slides after US bans electronic devices on flights

Flag carrier Turkish Airlines (THY) saw its share price fall 1.69% on March 21 after confirming it is among the nine airlines affected by a US cabin baggage ban on large electronic devices on flights ... more

Iran, Syria sign raft of memoranda and deals

Following the purge of foreign-backed rebels in the devastated Syrian city of Aleppo by Iranian, Lebanese and Russian forces, Damascus’s prime minister Imad Khamis was in Tehran to sign five ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss