(MENAFN) Saudi Arabia has agreed to give Jordan USD487 million assistance package to help support new development projects in the deficit-struggling country, official Petra News Agency reported.
According to Jordanian Prime Minister Abdullah Ensour, USD125 million of the total amount pledged be will transferred soon, while the remainder will be included in the 2013 budget.
He also said that Jordan will receive an additional USD250 million that will be deposited in a special account for the Saudi Development Fund, as part of a GCC-wide pledge to pump USD5 billion for Jordan.
Jordan, which has one of the smallest economies in the Arab world and imports 96 percent of its fuel needs, finances its budget and current-account deficits with foreign investment and grants from the Gulf states, the EU and the US.
The Kingdom's public debt-to-GDP ratio increased to about 64 percent by end-2011.
At a GCC summit in December 2011, Saudi Arabia, the UAE, Kuwait and Qatar agreed to extend USD5 billion over a five-year period to support development projects in Jordan, with each state contributing USD1.25 billion.
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