Gov't borrowed JD1b from SSIF since taking office

(File photo: Jordan News)
AMMAN — Since taking office and up to the end of August 2022, the current government has borrowed JD1 billion Social Security Investment Fund (SSIF), data from the latest General Government Finance Bulletin revealed.  اضافة اعلان

According to the data, the government borrowed half a billion dinars in 2021. The other half a billion dinars were borrowed through a government bond in the first eight months of 2022.

Total government debt owed to the SSIF at the end of August 2022 amounted to JD7.504 billion, Al-Mamlaka TV reported.

HistoryIn 2018, the government's debt to the SSIF amounted to JD5.425 billion.

At the end of 2019, it increased by JD690 million, reaching JD6.117 billion, and by the end of 2020, it rose by JD415 million to JD6.532 billion.

In 2021, it increased by JD470 million, surpassing JD7 billion.

The debts increased in the first eight months of 2022 by JD500 million, bringing the total to JD7.504 billion.

RepaymentFormer CEO of the SSIF and current Minister of Investment Kholoud Saqqaf confirmed during an Economy and Investment Parliamentary committee meeting in 2022 that the government is committedly and consistently repaying the fund.

Repayment, she added, is conducted directly through the Central Bank of Jordan.

Secretary-General of the Ministry of Finance Abdelhakim Shibli, during a press conference with the Minister of Finance in November that the government's debt owed to the fund was being repaid promptly.

He added that JD7.5 billion debt is excluded from the calculation of total public debt to keep Jordan on par with countries that use a similar statistical standard.

The financial performance review of the SSIF at the end of September 2022 revealed that the bond portfolio — which indicates the amount of debt owed by the government to the fund — amounted to 55.7 percent of the total assets of the SSIF, which amounts to JD13.6 billion.

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