Foreign grants slump by around 46% in three quarters

AMMAN — Local revenues in the first nine months of 2017 increased by JD149.1 million to JD4.97 billion, compared with JD4.82 billion during the same period of 2016, the Finance Ministry announced on Wednesday.

The ministry attributed the increase to a raise in non-tax revenues by JD123 million and tax revenues by JD26 million, according to a ministry statement.

Foreign grants to the Kingdom in the January-September period totalled JD164.8 million, compared with JD303.6 million in the first period of 2016, marking a decline of JD138.8 million or 45.7 per cent.

According to the ministry's data, expenditure in the first three quarters of 2017 totalled JD5.86 billion, compared with JD5.64 billion during the same period of 2016, marking an increase of JD221.6 million that equals 3.9 per cent, reflecting “normal growth of expenditure”.

As for the financial deficit in the state budget, a post-grant deficit of JD726.6 million was registered in the first nine months of 2017, compared with JD515.3 million during the same period of 2016.

Pre-grant deficit stood at JD891.4 million in 2017's first three quarters, compared with JD818.9 million during the same period of 2016, according to the statement that expected most grants listed in the budget to be delivered by December. 

Based on developments in the domestic and foreign debts, the public debt until the end of this year's September totalled JD26.89 billion that equals 94.8 per cent of the gross domestic product estimated by the end of the first nine months of this year, compared with JD26.09 billion at the end of 2016, which equalled 95.1 per cent of GDP. 

The statement noted that the debts of the National Electric Power Company and Water Authority of Jordan stood at JD6.7 billion by September 30.

The ministry expected the debt-to-GDP ratio to maintain at the same level throughout this year.