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Ammon News - AMMONNEWS - The government's recent decision to remove subsidies on oil derivatives will yield JD 500 million annually to the Jordanian government, The Ministry of Finance said on Sunday.

The Ministry's press office added in statements to Ammon News that the annual cost of government cash payments to low and middle-income families in compensation for the price hikes that resulted from the government's decision to float oil prices totals JD 300 million.

The government's cash stipends is distributed to families whose annual income is less than JD 10,000, or JD 800 per month.

The treasury will save JD 200 million as a result of the decision, the Ministry noted.

In response to questions posed by Ammon News, the Ministry's press office stressed that the agreement signed between the government and the Jordan Housing Bank to administer the applications and dispense the cash stipends does not yield any profit to the bank, as the bank does not charge any commission for the applications.

The press office added that no contract was signed between the Ministry and the Housing Bank, noting that the cost of administering the cash stipend program is less than JD 20,000.

The Ministry also indicated that it signed a memo of understanding with the Jordanian post office for the purpose of administering citizens' applications.

Regarding the Ministry's website and the information available for citizens in this regard, the press office said that the Ministry is preparing a new website that provides full fiscal and financial information for citizens.