Middle-east Arab News Opinion | Asharq Al-awsat

Jordan Debts Reach USD37 Billion | ASHARQ AL-AWSAT English Archive 2005 -2017
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Customers look at gold jewellery displayed at a shop in Amman, Jordan July 27, 2015. REUTERS/Muhammad Hamed

Amman – Jordan Finance Ministry stated that the public debt of the kingdom has reached JOD26,542 billion (USD37,424 billion) in the first quarter of 2017 representing 95.1% of the GDP.

The ministry revealed in its monthly publication issued on Thursday that National Electric Power Co (NEPCO) debts reached around JOD7.6 billion (USD5.4 billion). Foreign debt reached JOD10.582 that is 38.1% of GDP of 2017 first quarter compared to JOD10.299 billion – 37.5% of GDP – in the end of 2016.

Internal debt reached in the first quarter of 2017 around JOD13.957 billion (USD9.9 billion) that is 50.2% of GDP in the first quarter of 2017 compared to around JOD13.780 billion (USD9.8 billion) in the same period in 2016.

National product growth has dropped in the past five years and indebtedness of NEPCO increased after the Egyptian gas was cut of Jordan.

One year ago, Jordan launched a plan to motivate Jordanian economy growth 2018-2022 – the plan included financial and economic strategies that work on putting a framework for the vision and related policies.

The plan also shows required additional interventions whether in the form of policies, governmental projects or investments in partnership with the private sector.