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FINANCIAL NEWS
Jordan adds USD824m to social spending: Finance Minister
26 Aug 2011
(MENAFN) Jordan’s finance minister, Mohammad Abu Hammour, said that in order to help the Kingdom’s poor, the country’s cabinet added a USD824 million to Jordan’s supplementary budget that would be allocated for social spending, reported Reuters.
Abu Hammour added that the additional amount would be used to cover pay surges in the public sector and the increase in food and energy subsidies affected by global rise in oil prices, moreover, the amount would be added to the already allocated USD8.98 billion on social spending.
The minister also said that the supplementary budget was completely covered by extra foreign aid and wouldn’t include any raise in the current year’s forecasted budget deficit, adding that in 2011, Jordan received at least USD1.44 billion in foreign aids, which would help the country meet this year’s budget deficit target of USD1.6 billion.
It is worth noting that the country’s total revenues in the new budget estimates, including foreign aid, were projected to grow 7 percent reaching USD7 billion.
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