Jordan’s government expected the 2024 budget to achieve revenues worth $13.50 billion and current expenditures worth $15 billion, with about a $1 billion deficit.
In a comprehensive presentation before the Lower House of Parliament on Wednesday, Minister of Finance Mohammad al-Ississ unveiled the 2024 draft budget bill, a strategic fiscal plan amidst the global economic crisis and regional instability.
He announced that inflation in 2024 is anticipated to remain moderate, not exceeding 2.7 percent.
Data issued by the Department of Statistics showed an increase in the index for the first eleven months of this year by 2.13 percent, compared to the same period in 2022.
In November, Jordan reached an agreement with the International Monetary Fund (IMF) on a program of economic and structural reforms supported by a new 4-year Extended Fund Facility (EFF) arrangement in the amount of about $ 1.2 billion.
Upon Board approval, Jordan would have immediate access to about $190 million.
Ississ pointed out that the foreign reserves at the Central Bank amounted to $18 billion currently, compared to $17.3 billion at the end of 2022, indicating that the primary deficit as a percentage of the gross domestic product in 2023 decreased to 2.6 percent, compared to 2.7 percent during 2022.
Next year’s budget expects income tax revenues to increase and sales tax revenues to rise by 6.4 percent.
The Minister pointed out that Jordan seeks to expand the tax base and rationalize exemptions to enhance incentives and benefits and create an attractive environment for investors.