Local Revenue Surges to JD2.041 Billion in Q1 of 2024
shahennews
Local revenues saw a significant rise, reaching JD2.041 billion during the first quarter of the current year, marking an increase of JD45.6 million compared to the same period last year. This increase reflects a robust performance in tax revenues, which surged by JD61.7 million over the measured period, according to data released by the Ministry of Finance.
In terms of government expenditure, total spending for the central budget in Q1 2024 amounted to approximately JD2.488 billion, up from JD2.387 billion recorded during the corresponding period in the previous year. Despite these expenditures, the budget showed a financial deficit of JD428.8 million post-aid, compared to a deficit of JD381.1 million previously.
The government’s debt balance, excluding holdings of the Social Security Investment Fund, stood at JD32.537 billion, equivalent to 89.1% of the gross domestic product for March 2024, slightly down from 89.5% at the end of 2023.
The positive fiscal indicators are attributed to ongoing economic reforms, supported by favorable reviews from the International Monetary Fund (IMF). These reviews have enabled Jordan to access approximately 130 million US dollars from IMF resources, totaling 97.784 special drawing rights (SDRs), out of a total program amounting to 1.2 billion US dollars approved in November last year.
The first review results underscore Jordan’s economic resilience amid regional and global challenges, demonstrating effective economic management and strategic policy implementation under the National Economic Reform Vision. This vision aims to enhance economic competitiveness, support export growth, and generate employment opportunities, all while maintaining fiscal stability and social protection expansion.
Since the inception of the reform program, the government has reiterated its commitment to combat tax evasion and avoidance without imposing new tax burdens on citizens. This approach seeks to ensure tax equity and bolster public revenues, contributing to financial stability and sustainable economic growth.
//Petra// RZ
