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"In an unprecedented move" Ministry of Finance issues the final accounts for 2016 in March
3/23/2017 12:02:00 PM

In a statement issued on Wednesday, The Ministry of Finance said that it has issued the final accounts of the general budget for the 2016 fiscal year and was sent to the House of Senate and the House of Representatives and the Audit bureau. The Ministry of Finance has issued, for the third year in a row, the final accounts before the constitutional period specified by Article (112) of the Jordanian Constitution, which states that the government to submit the final accounts at the end of the six months period from the end of the previous fiscal year.

The early issuance of these accounts reflects the technical and administrative efforts by the Ministry's staff members coupled with coordinated work which led to the issuance of the final accounts for the first time in the history of Ministry to in March. This will further improve efficiency of financial management and enhances transparency and financial disclosure that comes within the government's financial reform project.

The statement also pointed out that the Ministry has issued the final accounts for the fiscal year 2013 at the end of June 2014 and the final accounts for the fiscal year 2014 at the end of May 2015. The final accounts for the fiscal year 2015 were issued at the end of April 2016, and the final accounts for the year 2016 This March. The Ministry continues its plan to accelerate the issuance of the final accounts of the budget annually to reach the issuance in January of each year in the next two years.

The implementation and use of technological systems in the regulation of government financial accounts, including GFMIS, has contributed significantly to the acceleration of the issuance of government financial accounts.

As for the financial statements for 2016, the final accounts showed a financial deficit after grants amounting to JD (878.9) million, which was financed through internal and external borrowing. The total revenues amounted JD (7069.6) million of which local revenues amounted to JD (6233.7) and JD (835.9) million in external grants. The public expenditure amounted JD (7948.5) million, including current expenditures of JD (6919.3) million, and capital expenditures of JD (1029.2) million.

The ministry published the details of these accounts on the website of the ministry to allow researchers, scholars and interested persons to see the details of these accounts.



(In millions)

Statement

Summary of the financial statements for 2016

General Revenues:

 

 

7069.6

Local profits

 

6233.7

 

Grant

 

835.9

 

Overheads

 

 

7948.5

Current expenditure:

 

6919.3

 

Salaries, wages and royalties

3584.2

 

 

Use of goods and services

443.9

 

 

Retirement

1212.6

 

 

Interest

835.2

 

 

Capital expenditures

 

1029.2

 

Capital expenditure financed by the Treasury

1016.9

 

 

Capital expenditure financed by loans

12.3

 

 

budget deficit

 

 

-878.9


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