MPs continue deliberations over 2024 draft budget law

AMMAN — The Lower House on Tuesday continued its deliberations over the 2024 draft state budget law, with most MPs' remarks focused on the Israeli war on Gaza.

Deputies who took the podium on Tuesday also raised concerns over rising poverty and unemployment rates, calling on the government to pay more attention to health, education and agriculture sectors.

Attending the session, Prime Minister Bisher Khasawneh underlined the government's efforts in solidifying financial and economic stability and its pivotal role in protecting citizens from the repercussions of economic shocks and inflation.

Khasawneh said, " Our fiscal and monetary policies, supported by the Lower House, have preserved the economic stability enjoyed today, and protected the middle class."

The government in late November endorsed the draft general budget law for 2024 with estimated public revenues of JD10.3 billion, reflecting an  8.9  per cent increase compared with the previous year, the Jordan News Agency, Petra, reported.

The proposed budget emphasises a 10.2 per cent surge in tax revenues, reaching JD7.2 billion, with local revenues estimated at JD9.6 billion, marking a 10 per cent increase from 2023, without imposing any new levies or increasing existing ones, according to a government statement.  

In terms of expenditures, the budget outlines JD10.6 billion for current expenses and JD1.7 billion for capital expenses. Capital expenditure, reaching about JD1.729 billion, is deemed the highest in history, demonstrating an 11.8 per cent increase from 2023 levels, the statement said. 

Projections for the 2024 budget law indicate a decline in the current deficit to 6.5 per cent of GDP. This is attributed to improvements in the trade balance, heightened remittances from Jordanians abroad, and an increase in foreign investments.