Jordan’s Finance Minister emphasises the importance of long-term solutions for economic recovery.

by Mapping Returns

The general budget for the year 2023 was discussed during a Monday session of Parliament.

According to Mohammed Al-Ississ, the minister of finance, Jordan has always been able to overcome any economic challenges.

Ississ claimed that the effects of the coronavirus epidemic, the continuation of the Russian-Ukrainian conflict, and the inflationary stagnation had made the economic situation tough on a worldwide scale.

“Our economy reflects the internal decisions made by the main economies whenever they adopt measures to contain these crises,” he said.

“A feeling of duty requires us to move away from temporary fixes to lessen and enhance reality,” he continued.

Ississ claimed that the administration did not make “vain promises” because it wanted to close the trust gap with the populace.

The administration is aware of the frustration that threatens our kids who are looking for work, and it is at the top of our priorities when we create budgets and develop strategies (to create job possibilities), he stated.

The government also acknowledges the decline in purchasing power due to the high cost of living, the distortion of the tax system caused by its reliance on indirect consumption taxes rather than fair income taxes that make a distinction between the rich and the poor, the decline in the quality of services and infrastructure following years of reduced capital spending, and the risks associated with the cost of living continuing to rise.

Ississ emphasised that Jordan is currently under two significant pressures: one connected to the problem of citizen livelihoods and the other related to the state’s finances and the importance of maintaining its stability.

Ississ estimates that the overall expenditures in the proposed general budget law for 2023 will be JD 11.4 billion, an increase of 8.3% from 2022.

Ississ emphasised that the government is dedicated to maintaining the costs of staple goods and pointed out that JD 277 million had been set aside in the budget to subsidise wheat, barley, and fodder.

Along with “allocations necessary to achieve the strategy to enhance the tourism and agricultural sectors and other government-initiated projects,” according to Ississ.

In addition to funding from the United States and the European Union, he noted that total tax revenues equal to JD 9 billion, with 70% of the budget going toward salaries and retirement.

A draught bill modifying the Civil Status Law for the year 2022 was approved by the Council of Ministers during a meeting held on November 20 under the direction of Prime Minister Bisher Al-Khasawneh.

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