Jordan unveils deficit budget for fiscal 2011
Jordanian Finance Minister Mohammad Abu Hammour presented Wednesday a deficit budget for fiscal 2011, calling for spending of 6.25 billion dinars (8.8 billion US dollars), up 6.2 per cent on this year's revised spending estimates, dpa reported.
With income projected at 5.19 billion dinars, the budget would see a deficit of 1.06 billion dinars, or 5 per cent of Jordan's gross domestic product (GDP).
Abu Hammour said this would be an improvement over the 2010 projected 5.2 per cent deficit. In 2009 the deficit was 8.5 per cent of GDP.
The Jordanian minister predicted further cuts in the budget deficit for the coming couple of years thank to austerity measures and more effective tax collection methods recently adopted by the government of Prime Minister Samir Rifai.
The budget estimates, which have already been approved by the cabinet, have to be endorsed by the two houses of parliament before receiving the king's consent.