Senate Endorses 2024 State Budget As Passed By Lower House

The Senate approved the fiscal year 2024 budget law, echoing the Lower House of Parliament's report in Tuesday's session, led by Speaker Faisal Fayez and attended by Prime Minister Bisher Khasawneh and ministry officials. Chaired in part by First Deputy Speaker Samir Rifai, the session saw the approval of the Finance and Economy Committee's 29 recommendations on the budget draft. The report, read by Committee Rapporteur Suhair Ali, emphasized ministries and government units adhering to budget allocations, proposing restructuring the General Budget Department into the Department of Treasury and Public Fund Management for enhanced financial discipline. It urged continuous monitoring of regional events' impact on national economic indicators, recommending close ties with global bodies to ensure an accurate depiction of Jordan's economic reality. The report advised activating economic laws to align with the Economic Modernization Vision, suggesting prioritizing sectors for capital spending and managing public funds efficiently. Strategies were called for to address government indebtedness and streamline subsidy systems, focusing on water and electricity tariffs and direct support for essential commodities. The committee's recommendations underscored the necessity of refining job descriptions in the Ministries of Investment and Education, establishing clear regulations, and defining relationships between Secretaries-General and Ministers. Emphasis was placed on appointment procedures, urging transparent criteria to uphold justice and efficiency. In project management, the report called for assessing project capabilities, refining approval methodologies, and enhancing the monitoring units for foreign funding and strategic planning. Investment procedures need clarity, transparent standards, and database development, with the report advocating for utilizing Jordanian expertise abroad and simplifying control procedures without compromising legal compliance. In industry and trade, the shift from goods to eligible be neficiaries was urged, along with maximizing benefits from trade agreements, controlling barley distribution, and private sector collaboration in legislation development. The Ministries of Energy and Finance were advised to study the National Electric Power Company's situation, address imbalances and establish legal frameworks for mining companies to encourage complementary industries. Sports were designated a national priority, necessitating a strategy for development, increased allocations for facilities, tax incentives, and support for clubs. An integrated strategy to tackle unemployment involving governmental, security, economic, educational, and social sectors was proposed, alongside institutionalizing vocational and technical education and implementing a comprehensive classification of professions. The report called for a Social Security Law review to address early retirement and pension issues. Additionally, the Security Investment Fund was encouraged to lead public-private partnership projects wi th governance, transparency, and independence at the forefront. Source: Jordan News Agency