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FINANCIAL NEWS
Jordan targets 5% deficit in 2011 budget
01 Nov 2010
(MENAFN) Jordanian Finance Minister, Mohammad Abu Hammour, stated that the 2011 target deficit in the state budget is expected to decrease to 5 percent of gross domestic product (GDP), Jordan Times reported.
As a result of strict spending cuts, Jordan was making better-than-expected progress towards its fiscal goal of cutting its budget gap to 6.3 percent of GDP in 2010, the Minister stated.
He further explained that the 2011 budget will witness a decrease in operational expenses by 15 percent and a surge in capital expenditure by 16 percent, as compared to 2010.
The official added that a budget statement will be ready within two days before the budget is finalised for Cabinet endorsement and then it will be forwarded to the new Parliament, to be elected on November 9.
During a meeting with cabinet members, Abu Hammour announced that the target deficit comes in line with a set reform programme for the years 2011-2013.
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