Jul 19 2011 |
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Jordan Min:Govt To Seek Foreign Aid To Face Budget Challenges-Report
Tuesday, Jul 19, 2011
BEIRUT (Zawya Dow Jones)--Jordan will seek financial aid from Arab and other friendly states to overcome public budget shorfalls caused mainly by rising oil prices and the irregular supply of natural gas due to repeated bombing of the gas pipeline from Egypt, Amman-based Al Rai daily reports Tuesday citing Finance Minister Mohammad Abu Hammour.
Power generation cost is expected to quadruple due to the continued interruption of gas supply as the country will be compelled to use costly heavy fuels to generate electricity, Abu Hammour told the paper. As a result, Jordan's state-owned National Electric Power Co. is likely to see losses exceed 1 billion Jordanian dinars ($1.41 billion) at the end of this year, he added.
Jordan buys most of its energy needs from other countries and is expected to pay a total of $4 billion this year for its energy bill due to rising oil prices, Abu Hammour told Al Rai.
Newspaper website: http://www.alrai.com/pages.php?news_id=414572
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-07-11 0927GMT
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