Amman - Prime Minister Jafar Hassan presented his government's fiscal and economic strategy to Parliament, detailing plans to strengthen financial stability and reduce public debt.
اضافة اعلان
The government has submitted its 2025 budget to Parliament on schedule, emphasizing reform-oriented fiscal policies.
Hassan outlined a commitment to enhance domestic revenues, improve spending efficiency, and combat tax and customs evasion through an expanded billing system, while maintaining existing legislative frameworks.
Addressing the critical issue of public debt, which has reached 90% of GDP, Hassan announced targets to reduce this ratio to approximately 80% by 2028. "We aim to achieve this through continued economic reform programs and prudent fiscal policies, maintaining the monetary stability that has distinguished Jordan, alongside Gulf states, in this region for over a quarter century," Hassan stated.
The Prime Minister addressed the government's mounting arrears, announcing plans to implement a mechanism for gradual repayment over the next four years, prioritizing payments to inject liquidity into the local market.
A key focus of the fiscal strategy involves managing external debt service costs, which have risen due to global interest rate increases and reliance on commercial loans. Starting next year, the government plans to replace high-cost debt with concessional loans supported by friendly nations and development institutions.
"This restructuring will help stabilize interest payment ratios within current expenditures over the coming years," Hassan explained.
On public funds oversight, Hassan emphasized strengthening internal control units across ministries and institutions for proactive monitoring of violations.
The government will continue addressing Audit Bureau findings and referring suspected violations to the judiciary through the specialized committee at the Prime Ministry.
"We've ensured this budget is realistic, supporting our growth stimulus efforts while responding to national modernization programs and enabling future planning," Hassan stated, expressing hope that regional improvements would help accelerate desired growth trajectories.
The financial strategy presentation forms a crucial part of the government's broader policy statement being debated in Parliament as part of the confidence vote proceedings.
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