D2.041 billion local revenues in Q1 — Finance Ministry

AMMAN — Local revenues during the first quarter of 2024 reached JD2.041 billion, an increase of JD45.6 million compared with the same period in 2023, covering 85.4 per cent of current expenditures.

Tax revenues increased by about JD61.7 million during the same period, according to the Ministry of Finance.

Regarding public spending, the total expenditure of the central government/budget during the first quarter of 2024 amounted to approximately JD2.488 billion, compared with JD2.387 billion during the same period last year.

As a result of these developments, the general budget recorded a fiscal deficit, after aid, of about JD428.8 million, compared with a fiscal deficit of approximately JD381.1 million.

The government's debt balance, excluding what is held by the Social Security Investment Fund, amounted to JD32.537 billion or 89.1 per cent of the GDP for March 2024, compared with 89.5 per cent at the end of 2023.

The improvement in financial indicators is attributed to ongoing economic reform processes, reinforced by positive results from the International Monetary Fund reviews.

These reviews allow Jordan to use Special Drawing Rights, approximately $130 million, from the fund's resources, out of a total programme resource of $1.2 billion, approved in November.

The results of the first review add resilience to the Jordanian economy amid regional and global conditions, which have impacted surrounding economies.

The local economy has responded flawlessly to new economic developments and assumptions, implementing financial reforms while continuing to execute the national Economic Modernisation Vision that has unified efforts and established a comprehensive framework for building a better future.

From the first day of signing the reform programme with the IMF, the government has affirmed that the programme was prepared by specialised Jordanian ministries and institutions and will help the Kingdom maintain financial stability, enhance economic growth by increasing the national economy's competitiveness and supporting exports to create jobs and reduce unemployment, and aims to expand social protection.

The government has repeatedly confirmed its full commitment to continuing the fight against tax evasion and avoidance, which ensures tax justice and increases public treasury revenues without imposing any new tax burdens on citizens.