Public Debt at JOD27.2b in 2017

تم نشره في Tue 27 February / Feb 2018. 01:00 AM
  • Ministry of Finance building in Amman - (Archives)

AMMAN —AlGhad— The Ministry of Finance stated today, Wednesday, that the overall public debt by the end of 2017 stood at around JOD27.27 billion, comprising around 95.3 per cent of the Kingdom’s GDP, according to the ministry’s annual bulletin published today, Tuesday.

Jordan’s estimated GDP in 2017 stands at around JOD28.6 billion.

Meanwhile, the Kingdom’s debt-to-GDP rate in 2016 stood at 95.1 per cent.

These figures indicate the public debt-to-GDP rate has actually increased, instead of declining, as it was supposed to.

Net public debt has increased by JOD1.356 billion in 2017, approximately 1.2 per cent, to JOD25.43 billion from JOD24.07 billion in 2016.

Moreover, according to the bulletin, the combined debts of the National Electric Power Company (NEPCO) and the Water Authority stand at JOD7.2 billion.

The government justifies this increase in public debt as due to the budget deficit, for one.

Additionally, the increase in guaranteed debt to NEPCO and the Water Authority has contributed to the hike in public debt, the government claims.

On the other hand, public domestic debt in 2017 has declined to JOD15.4 billion, some 53.9 per cent of the Kingdom’s GDP, compared to JOD15.79 billion in 2016, or 53.9 per cent of GDP.

Net domestic debt stands at JOD13.568 billion, approximately 47.4 per cent of GDP in 2017, compared to JOD13.78 billion, or 50.2 per cent of GDP, in 2016.