Senate’s Financial and Economic Committee begins review of 2024 state budget law

AMMAN — The Senate's Financial and Economic Committee began on Sunday examining the 2024 draft state budget law, which the Lower House passed last week.

The session was attended by Finance Minister Mohamad Al-Ississ, the Jordan News Agency, Petra, reported.

The committee wraps up the law and refers it to the Senate for a full house session.

The Chamber of Deputies endorsed the draft general state budget law last week as referred from the government with no amendments. 

The government referred the law to the Lower House in November, with estimated public revenues of JD10.3 billion, marking an increase of 8.9 per cent compared with 2023.

The deficit is projected to decline to 6.5 per cent of GDP in the 2024 budget law, driven by improvements in the trade balance, increased remittances from Jordanians working abroad, and a rise in foreign investments.

Tax revenues are put at JD7.2 billion in the law, with local revenues estimated to increase by 10 per cent from 2023 to reach JD9.6 billion.

Current and capital expenditures are estimated at JD10.6 billion and JD1.7 billion, respectively. Capital expenditure rose by 11.8 per cent from its 2023 level to about JD1.729 billion, "the highest in history".