Jordan passes 2013 budget, with $1.8b deficit

Jan 03, 2013 12:00 AM

Jordan's cabinet has passed 2013 budget of USD10.5 billion with an estimated current spending of USD8.72 billion, the official news agency Petra reported.

The current spending in the new budget is 2.1 percent lower than 2012, while capital expenditure was set at USD1.75 billion, a 76.6 percent jump from last year.

The draft budget expects a deficit of USD1.84 billion, or 5.4 percent of GDP, with foreign investment and grants, and a budget deficit of USD3 billion without foreign grants.

Jordan finances its budget and current-account deficits with foreign investment and grants from Gulf states, the EU and the US.

The new budget estimates revenue at USD8.62 billion, of which USD1.2 billion comes from foreign grants.

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