Parliamentary Financial Committee discusses 2024 General Budget Law

AMMAN — Speaker of the Lower House Ahmad Safadi on Sunday, chaired the Parliamentary Financial Committee session to discuss the budget of the Ministry of Finance and its affiliated departments as part of the discussions on the 2024 General Budget Law.

The meeting was attended by Finance Minister Mohamad Al-Ississ, and representatives from the Ministry of Finance, the Jordan News Agency, Petra, reported.

The Committee's Chairman Nimer Sleihat pointed out inflationary recession and rising interest rates globally have put additional strain and burdens on countries' budgets, stressing the need to mitigate indirect taxes, which are one of the most important elements of the economic slowdown.

He also highlighted the growth of the Gross Domestic Product (GDP) by the end of 2023, which is estimated to reach 2.6 per cent growth at constant prices, as the tourism sector recorded increasing growth in 2022 until the third quarter of 2023, and began to decline as a result of the Israeli aggression on Gaza. He added that the tourism sector contributed approximately 14.6 per cent of the GDP by the end of November. 

Al-Ississ emphasised that Jordan is the only country that maintained its economic stability among oil-importing nations.  He added that despite global economic and political challenges, Jordan succeeded in protecting its economy and citizens' resources.

The minister highlighted the establishment of a new programme with the International Monetary Fund, aiming to not raise taxes and to remove obstacles hindering economic growth. He also confirmed the government's commitment to not increase taxes on citizens and to maintain support for bread and gas.

Director of the Government Procurement Department Hanadi Nabulsi said that drug prices fall under the umbrella of the Food and Drug Administration, and agreements will be signed with international entities, WHO, and UNICEF to provide medicines and vaccines at lower prices.

Director General of the Department of Lands and Survey Ahmed Armoush confirmed that the department is committed to removing all distortions in the administrative value of lands by February 28.