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Wed 15 Dec 2010 04:04 PM

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Jordan's foreign grants almost doubled in first 10 months

Jordan received JOD288.7m ($407m) through October, compared with JOD144.5m the same period of 2009

Jordan's foreign grants almost doubled in first 10 months
JORDAN WATCH: Foreign grants to help Jordan finance government spending almost doubled in the first 10 months of this year (ITP Images)

Foreign grants to help Jordan finance government spending almost doubled in the first 10 months of this year, the government said.

Jordan
received JOD288.7m ($407m) through October, compared
with JOD144.5m the same period of 2009, the Ministry of
Finance said in a statement on its website.

The kingdom’s budget deficit narrowed 26 percent to 657 million dinars in the same period after receipt of the grants and a reduction in government spending. Jordan, which imports more than 90 percent of its oil, typically relies on foreign investment and grants to finance deficits in the budget and in the current account.

The projected budget deficit for this year after grants is JOD1bn dinars, or 5.3 percent of gross domestic product, revised from 6 percent.

The 2009 budget deficit more than doubled to 1.44 billion dinars from 692.7 million dinars the previous year.

Foreign debt increased by 4 percent to 4.03 billion dinars in the first ten months, the Finance Ministry said. Domestic debt increased 20 percent to 6.93 billion dinars.