Royal Decrees ratify 2022 state, independent gov’t departments budget laws

shahennews

A Royal Decree has been issued, ratifying the 2022 state budget law. Another Royal Decree also ratified the independent public institutions budget law.

The General Budget Law No. 2 for the Fiscal Year 2022 and Independent Government Units Budgets Law No. 3 for the Fiscal Year 2022 had been published in the Official Gazette.

Last month, Parliament endorsed the two bills.

The current year’s budget envisages total expenditures at JD10.6 billion, and public revenues at JD8.9 billion, 68 percent of the latter being tax revenue, 10 percent foreign grants, and 22 percent coming from non-tax streams of revenue, with a deficit of JD1.7 billion.

As for growth, the budget projects that the national economy will have grown by 2.7 percent by the end of this year and that inflation will stand at 2.5 percent.

According to budget projections, the total public debt will be at JD38.8 billion, or 114.7 percent of the Gross Domestic Product (GDP). However, when the government debt to the Social Security Corporation is excluded, the public debt drops to JD30.8 billion, or 91 percent of GDP.

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