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RIYADH: Jordan’s domestic revenues climbed 3.6 percent in the first half of 2025 to 4.67 billion dinars ($6.59 billion), bolstered by fiscal measures aimed at strengthening public finances, official data show. 

The increase — equivalent to about 164.7 million dinars — came as the government reduced public debt to 35.3 billion dinars, or 90.9 percent of gross domestic product, down from 92.7 percent in May, the state-run Petra news agency reported, citing Central Bank of Jordan figures.  

The decline followed the Finance Ministry’s June repayment of $1 billion in maturing Eurobonds, funded through concessional loans secured earlier in the year at a 4.8 percent interest rate. The move allowed Amman to avoid issuing new debt at yields that could have approached 9 percent amid global and regional market pressures. 

According to a report in July, domestic revenues rose by about 224.1 million dinars in the first five months of the year, reaching 4.067 billion dinars, compared with 3.843 billion dinars in the same period of 2024. 

Tourism revenue for the first seven months of 2025 rose by 8.6 percent, totaling $4.398 billion. That growth occurred despite a 5.6 percent dip in tourism receipts in July, which fell to $721.4 million.  

Revenue from visitors of Asian nationalities surged by 41.1 percent, European visitors contributed a 33.8 percent increase, Americans accounted for a 21.7 percent rise, Arab visitors added 7.3 percent, and other nationalities posted a 38.0 percent increase.   

Meanwhile, revenue from Jordanian expatriate visitors declined by 2.5 percent.   

“The figures showed a 4 percent increase in spending by Jordanians on tourism abroad during the first seven months of 2025, reaching $1.247 billion,” stated the report.  

In July alone, that outbound tourism spending rose 7 percent, amounting to $247.4 million.  

Jordan’s Economic Modernization Vision identifies tourism as a core pillar of national growth, with the sector positioned to drive inclusive economic development and job creation.   

The strategy aims to boost GDP growth to 5.6 percent and attract significant private investment, with 72 percent of the required 41 billion dinars expected from non-government sources.   

The National Tourism Strategy 2021-25 supports this vision by promoting sustainable, authentic tourism experiences and strengthening sector competitiveness.  

These initiatives form part of broader efforts to diversify revenue streams, enhance fiscal resilience, and position Jordan as a high-value destination for regional and international travelers.  

TOKYO/SINGAPORE: Oil prices climbed on Thursday as investors weighed what impact the US-Russia summit on Ukraine on Friday might have on Russian crude flows, with secondary sanctions looming over Moscow’s customers, while a rising supply outlook capped gains.

Brent crude futures rose 45 cents, or 0.7 percent, to $66.08 a barrel at 8:31 a.m. Saudi time, while US West Texas Intermediate crude futures gained 44 cents, also up 0.7 percent, to $63.09.

Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the US government and the International Energy Agency.

Trump on Wednesday threatened “severe consequences” if Putin does not agree to peace in Ukraine. Trump did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless.

“The uncertainty of US-Russia peace talks continues to add a bullish risk premium given Russian oil buyers could face more economic pressure,” Rystad Energy said in a client note.

“How Ukraine-Russia crisis resolves and Russia flows change could bring some unexpected surprises.”

Trump has threatened to enact secondary tariffs on buyers of Russian crude, primarily China and India, if Russia continues with its war in Ukraine.

“Clearly there’s upside risk for the market if little progress is made” on a ceasefire, said Warren Patterson, head of commodities strategy at ING, in a note.

The expected oil surplus through the latter part of this year and 2026, combined with spare capacity from the Organization of the Petroleum Exporting Countries, means that the market should be able to manage the impact of secondary tariffs on India, Patterson said.

But things become more difficult if we see secondary tariffs on other key buyers of Russian crude oil, including China and Turkiye, he said.

Expectations the US Federal Reserve will cut rates in September are also supportive for oil. Traders are almost 100 percent agreed a cut will happen after US inflation increased at a moderate pace in July.

Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent weak employment numbers.

The market is putting the odds of a quarter-percentage point cut at the Fed’s September 16-17 meeting at 99.9 percent, according to the CME FedWatch tool.

Lower borrowing rates would drive demand for oil.

Oil prices were kept in check as crude inventories in the US unexpectedly rose by 3 million barrels in the week ended on Aug. 8, according to the US Energy Information Administration on Wednesday.

Also holding oil prices back was an IEA forecast that 2025 and 2026 global supply would rise more rapidly than expected, as OPEC and its allies increase output and production from outside the group grows.