(MENAFN) Jordanian officials announced that the cabinet endorsed the new austerity package aimed at preventing the budget deficit from growing further, reported Reuters.
The officials said that the package includes tax hikes, reductions in the government's operational expenditure and suspending hiring in the public sector.
Moreover, the government will modify the income tax law to boost taxes on profitable banks and on mining companies, including Arab Potash and Jordan Phosphate Mines Company.
The government added that the measures will be expected to save nearly USD423 million.
It is worth noting that in case the new measures were not implemented and foreign aid declined, Jordan's budget gap could reach USD4.11 billion.
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