Jordan prepares to unveil its 2025 budget communiqué
Date
10/28/2024 6:04:09 AM
(MENAFN) As Jordan prepares to unveil its 2025 budget communiqué, economists are calling for a significant shift away from conventional budgeting practices, emphasizing the need for innovation and economic stimulation in light of the challenging regional and economic landscape. They argue that the upcoming budget must prioritize creative solutions to effectively confront the pressing issues facing the nation.
Experts point out that the current geopolitical situation and the economic fallout from ongoing Israeli aggression require a strategic and adaptable approach to budgeting. They stress the importance of crafting a flexible budget that can respond to unexpected changes in these complex circumstances.
In discussions reported by "Al-Ghad," economists have underscored the necessity for the next budget to substantially increase capital expenditures. This includes boosting development funds for various governorates and allocating resources for operational projects that aim to enhance infrastructure throughout the Kingdom.
Increasing capital investment is viewed as essential for launching new initiatives that will generate income and create jobs, thus fostering economic self-sufficiency instead of reliance on foreign entities. Such efforts are expected to have a positive impact on the living standards of citizens.
Moreover, experts caution against raising public taxes, instead advocating for improved efficiency and stringent oversight of public spending. They highlight the need to enhance development allocations for various productive sectors, especially tourism, which presents significant growth opportunities, as well as for industrial and agricultural development. Investment in technology and communication sectors is also deemed critical for supporting sustainable growth in the national economy.
In Jordan, the government traditionally releases the general budget communiqué for the upcoming year in November, following a preliminary circular issued in August to begin drafting the budget law. The previous administration had already circulated this preliminary document, detailing the budget allocations for government units for the year 2025 just before its exit from office.
Former Minister of State for Economic Affairs, Youssef Mansour, emphasized the urgency of shifting public budgets from traditional frameworks to innovative approaches that can invigorate the economy. This transformation is viewed as vital for successfully navigating the economic hurdles that lie ahead
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