General public debt forecast at JD33.534 billion in 2024 — Finance Ministry 

AMMAN — The estimated general public debt in 2024 is JD33.534 billion or 88.3 per cent of the Gross Domestic Production (GDP), Finance Minister Mohamad Al-Ississ said on Wednesday.

In a meeting with journalists and economic reporters, Al-Ississ said that the public debt service for the next year will amount to JD1.980 billion next year.

The total available fund for 2024 is JD7.499 billion allocated as follows, JD39 million in external loans and capital projects financing, JD1.660 billion in loans from international organisations as macro finance, and JD648 millions in local US dollars bonds and JD5.150 million in loans from local banks to amortise payable debts.

The total estimated net public debt will be approximately JD2.069 billion to cover the budget deficit, Al-Ississ added.

The finance minister added that no Eurobond due payments scheduled next year, explaining that the government has not decided whether to cover part of its foreign commitments by Eurobonds. The decision will be based on whether it reduces the foreign debt servicing.

He noted that the budget draft law for next year operates on the assumption that the international economic growth will continue to slow down due to the US federal reserve inflation control policies, and anticipates that the regional situation will remain stable without any escalations.

According to Jordan News Agency, Petra, Al-Ississ said that the rumour about Jordan’s budget depending on foreign aid is false and that public revenues are expected to reach JD10.303 billion, JD724 million of which are foreign grants or not more than 1.9 per cent of the GDP. These revenues are self-generated and earned by the ministry's financial departments, he added.

General Budget Director Majdi Sharifi said that total independent governmental units projected revenues for 2024 is JD852 million, while estimated expenses will be JD1.662 billion leaving an estimated deficit of JD810 million. He added that the Electric Power Company and Water Authority budgets deficit amount to JD852 million.