Government approves draft General Budget Law for the fiscal year 2024

Jordan Cabinet session
(File photo: Jordan News)
AMMAN – The Cabinet approved the draft of the General Budget Law for the fiscal year 2024 in its session on Wednesday, chaired by Prime Minister Bisher Al-Khasawneh, as a prelude to referring it to the Parliament within the time frame set by the constitution. اضافة اعلان

According to Al-Mamlaka TV, the budget law for 2024 includes general revenues of approximately JD10.3 billion, an 8.9 percent increase from 2023. The government expects external grants to reach JD724 million.

The rise in revenue is expected due to a rise in tax revenues by about 10.2 percent to reach JD7.2 billion without the imposition of any new taxes or increasing current taxes.

The Finance Minister, Mohammad Al-Assaf, noted that the budget reflects the government's commitment to expanding the tax base, combating tax evasion and avoidance, and improving tax administration, resulting in an increase in income tax revenues by about 20 percent.

Current expenditures are estimated at about JD10.6 billion and increase of 11.8 percent from their level in 2023 to reach JD1.729 billion, the 'highest in history.'

Assaf said increases in expenditure would include increased allocations to social protection, and extra allocations under Royal Directive to strengthen the readiness of the Jordanian Armed Forces and security agencies.

The budget expects a decline in the total public debts to 88.3 percent of GDP and allocations for repayments would increase.

Assaf said that the national economy would experience real growth in 2024 of around 2.6 percent and nominal growth of 5.1 percent, according to Al-Mamlaka Tv. 

He emphasized that this budget is the fourth for the government that does not include consecutive tax or fee increases, and it represents the highest capital expenditure in the history of the Kingdom.

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