Ammon News - The Ministry of Local Administration announced the restructuring and rescheduling of municipal debts and overdrafts, aimed to alleviating their financial burdens and enabling them to continue providing services to citizens.

In a statement Tuesday, the ministry said the restructuring initiative is based on recommendations of the Board of Directors of the Cities and Villages Development Bank (CVDB).

The ministry added that the Kingdom's municipalities were exempted from due interest until 2025, amounting to approximately JD66 million, and were also relieved from unpaid loan interest, estimated at about JD150 million until the end of the repayment period.

The ministry stated this move comes as part of a government plan to reorganize Jordanian municipalities' financial obligations and enhance their administrative and financial "efficiency."

On the programs' goals, the ministry said the step would improve the municipalities' service sustainability, support their capability to implement their development projects, strengthen the CVDB's financial position and ensure its cash flow.

Petra