• Subject : Senate approves independent entities' budgets
  • Date : 24-Jul-2011
  • Text :

    Amman, July 24 (Petra) -- The Senate Economic and Financial Affairs Committee on Sunday approved the 2011 state-run independent entities' budgets law as passed by the Lower House.

    Member of the Committee, Senator Talal Abu-Ghazaleh, called for forming a panel of experts to study the current tough economic conditions in the Kingdom and quickly pass proposals with drastic solutions.

    He noted that a swelling public debt is currently running at over 60 percent of GDP, taking into account government-run and state-owned agencies' debt, by international accounting standards.

    Abu-Ghazaleh stressed the need to accelerate the pace of economic reform through a feasible approach, calling for a thorough audit of independent agencies' losses and debt. He also called for raising public awareness of "painful" economic realities so that citizens would come to grips with the government economic policy.

    The committee meeting, headed by Senator Abdul Elah al Khatib, decided to set up a committee to study current economic conditions and pass its recommendations to the Senate president.