Finance minister Umayya Touqan:

Public debt equivalent to 63% of GDP

GMT 06:36 2014 Thursday ,18 September

Arab Today, arab today Public debt equivalent to 63% of GDP

Finance minister Umayya Touqan
Amman - Arab Today

The Kingdom's net public debt balance reached JD20.347 billion at the end of July, representing 79.5 percent of the GDP, said Minister of Finance Umayya Touqan.
Commenting on the ministry's finance data bulletin, unveiled on Wednesday, Touqan told Petra that the net public debt includes the value of the cash deficit accrued by the national electricity company until July 2014, which exceeded JD4 billion over the 2011 deficit.
He said if fiscal impact owing to financing the electricity company cash deficit was to be excluded, the net public debt ratio will fall to 63 percent of the GDP or 5.16 percent.
Touqan attributed the rise in debt to the continued funding of the national electricity company to make up for its losses, noting that the energy sector continues to pose the greatest challenge to the Jordanian economy and public finance.
The minister stressed that the government is aware of the soaring volume of public debt, and is bound to fulfil its obligations towards the energy and water sector. The government has taken measures to mitigate the repercussions of these challenges for the low-income citizens by making provision for cash subsidies and creating a social safety net.
He added that the ministry will attach the financial statements to the ministry's monthly newsletter, leading to greater transparency and disclosure.
Source: Petra

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