Jordan H1 2012 public debt soars 12%

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Jordanian dinar banknotes. Photo – Travelblog.org

Jordan’s public debt, both internal and external, soared 12% to JD15.016 billion at the end of the first half of this year, driven by increasing guarantees for public institutions’ debts, especially the National Electric Power Company (NEPCO).

According to Ministry of Finance figures published by Jordan Times, NEPCO debts guaranteed by the government, which are a tranche of domestic debt, amounted to around JD1.63 billion at the end of June 2012.

On the other hand, domestic public debt rose during the first half of this year to JD10.402 billion compared with JD8.915 billion at the end of 2011.

External public debt has seen a slight increase as it amounted to JD4.491 billion at the end of June 2012, compared with JD4.487 billion at the end of the previous year.

Public debt, both internal and external, stood at JD13.4 billion at the end of 2011, according to ministry figures.

Meanwhile, the budget deficit dropped at the end of the first half of 2012 to JD441.7 million compared with JD575.1 million at the end of the first half of 2011.

The budget deficit is the outcome of the difference between public revenues and expenditures. At the end of June, total public revenues, including foreign grants, stood at JD2,504.2 million while public expenditures amounted to JD2,920.7 million.

Income and Sales Tax Department revenues rose at the end of July by 7.3%, empowered by income tax revenues as they topped those generated by sales tax.

At the end of July, department revenues totalled JD1.842 billion compared with JD1.716 billion recorded at the end of the same month last year.

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