Jordan debt up 3.5% in 2018

Jordan’s debt rose by 3.5 per cent last year compared to 2017, data released by the Ministry of Finance revealed yesterday.

Public debt reached 28.3 billion dinars ($39.9 billion) in December, accounting for 94 per cent of GDP.

Finance Minister Ezzedin Kanakriyah said that Jordan’s public debt ratio of 94 per cent is high according to all international financial standards.

Prime Minister Omar Razzaz said his country’s economy was improving less than a year after tough fiscal reforms were put in place to reduce debt and stimulate growth that has been affected by conflicts in the region.

King Abdullah appointed Razzaz in June to quell the country’s biggest protests as the government tried to implement austerity measure in line with IMF demands to cut public debt.

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