Jordan begins to receive $500m

Jordan began to receive an estimated $ 500 million GCC assistance aimed to meet extra losses of its national electricity company resultant from disruption of Egyptian gas supplies.
Local newspaper "Al-Ghad" said that current budgetary estimates anticipate the amount of the grant to reach 1.1 billion dinar, compared with 639 million dinar last year (2013).
The Gulf grant to Jordan covers capital projects agreed as part of this grant.
According to official estimates, the enforcement of income tax law will generate 140 million dinar i.e. 0.5% of Jordan's Gross Domestic Product (GDP). Jordan's economic reform project implemented in association with the International Monetary Fund (IMF) aims to reduce the deficit by one percent (1%) per annum to reach 3.5% of Jordan's GDP.
Jordan's public budget deficit for the year 2014 has been calculated at 1.1 billion i.e. 4.3% of its GDP.