Business News
Jordan's public budget deficit hits record level
Nov 16, 2009, 10:33 GMT
Amman - Jordan's public budget deficit increased dramatically over the past 10 months due to higher spending and retreating aid by donor countries, the Finance Ministry said Monday.
The deficit grew by 78.3 per cent between January and October, to 891.7 million dinars (1.26 billion dollars), compared with 78.3 million dinars in the same period of 2008, it added.
The Ministry predicted that the budge deficit would reach 1.1 billion dinars in 2009.
It attributed the record deficit mainly to a 70.1 per cent decline in foreign aid which stood at only 144.5 million dinars in the first 10 months of the year, compared with 493 million dinars in the same period of 2008.
The global recession has forced donor countries to cut back their grants to Jordan in fiscal 2009, economists said.
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