FINANCIAL NEWS

Jordan to raise electricity, fuel prices: PM

14 May 2012

(MENAFN) Jordanian Prime Minister, Fayez Al Tarawneh, announced that before the end of May, the government will raise prices of power and fuel in order to reduce the budget shortfall, reported Gulf News.

Al Tarawneh added that the measure, which will not affect subsidies on bread for the poor, comes to assure Jordan’s donors that the country was doing its part to implement financial and economic reforms.

On the other hand, Finance Minister, Sulaiman Al Hafez, said that in case international aid levels decline notably in 2012 and measures to hike prices were not implemented, the Kingdom’s budget gap may grow to USD4.11 billion.

It is worth noting that Jordan estimates its budget deficit for 2012 to reach USD1.44 billion, that’s around 4.6 percent of the country’s gross domestic product (GDP).

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more