Royal Decree ratifies 2024 State Budget Law

AMMAN — A Royal Decree has been issued, approving the State Budget Law for the fiscal year 2024, the Jordan News Agency, Petra, reported on Wednesday.

The law had been endorsed by the two Houses of Parliament without major changes.

Public revenues are estimated in the law at JD10.3 billion, marking an increase of 8.9 per cent compared with 2023.

Driven by a 10.2 per cent increase in tax revenues of JD7.2 billion, local revenues are estimated to reach JD9.6 billion in 2024, registering an increase of 10 per cent from 2023, without imposing any new levies or increasing existing ones.

Current and capital expenditure are estimated at JD10.6 billion and JD1.7 billion respectively. 

As for capital expenditure, it rose by 11.8 per cent from its 2023 level to about JD1.729 billion, "the highest in history".

The Law also included higher allocations to the public debt service, which saw an increase as a result of higher interest rates globally. 

Allocations for projects of the Economic Modernisation Vision and Public Sector Modernisation Roadmap accounted for 20.2 per cent of the capital expenditure, while military and security projects accounted for 16.9 per cent of these expenditures.  

Municipal development and decentralisation projects accounted for 18 per cent, and other projects accounted for 45 per cent of the total capital expenditure.