Amman, January 21 (Petra) -- The Senate unanimously endorsed the draft general budget law for the fiscal year 2025 during a session on Tuesday, presided over by President of the Senate Faisal Fayez and attended by Prime Minister Jafar Hassan and the Cabinet.
The Senate also approved recommendations from its Financial and Economic Committee, chaired by Second Deputy Speaker Abdullah Nsour. The discussions featured interventions from four senators Mamdouh Nabas, Yassin Husban, Ghazi Dhunaibat, and Rakan Fawaz who emphasized the need to develop the investment climate, promote exports, finance small enterprises, tackle public debt, and address poverty and unemployment.
The senators underscored the importance of advancing political, economic, and administrative modernization while enhancing public services, empowering the armed forces and security agencies, and supporting key sectors such as tourism, agriculture, industry, health, and information technology. They also stressed the shift toward vocational and technical education as a priority.
Fayez highlighted the challenging economic circumstances surrounding this year's budget, exacerbated by regional conflicts and instability. He called for national unity and a collaborative approach to addressing the hardships facing citizens.
Fayez reaffirmed the Senate's commitment to supporting His Majesty King Abdullah II’s Economic Modernization Vision, advocating for transparent and actionable reforms to overcome the budget deficit and achieve economic growth. He emphasized the importance of reforms that reflect the realities of citizens’ economic and living conditions and build trust by addressing tax evasion, resource exploitation, and fiscal imbalances highlighted in the Audit Bureau's reports.
He also urged the government to prioritize policies that attract investments, create employment opportunities, reduce poverty, and leverage the Kingdom's natural resources.
The 2025 budget law estimates total public expenditures at JD12.51 billion, including JD11.02 billion for current expenses and JD1.47 billion for capital expenditures. Total public revenues are projected at JD10.23 billion, of which JD9.49 billion are local revenues and JD734 million are external grants, resulting in a deficit of JD2.26 billion. The budget also estimates government unit expenditures at JD1.78 billion against revenues of JD1.01 billion, leaving a deficit of JD768 million.
Economic projections for the year include a real GDP growth rate of 2.5%, nominal growth of 4.9%, inflation stabilization at 2.2%, and an increase of 0.7% in national exports and 4.1% in imports.
The budget’s key objectives include expediting the execution of the Economic Modernization Vision, advancing public sector reforms, and implementing financial and structural reforms. Additionally, the government aims to support armed forces and security services, foster public-private partnerships, develop the governorates, improve education and health services, strengthen the social protection system, and secure water and food supplies. Plans also include advancing digital transformation, transitioning to a green economy, and bolstering the tourism and export sectors.
Fayez expressed gratitude to the Prime Minister, his Cabinet, the Financial and Economic Committee, and the General Secretariat of the Senate for their efforts throughout the budget discussions.
//Petra// AJ
21/01/2025 14:06:42
