I. The total nominal value of any of Government securities issuance shall be determined within the provisions governing that issuance.
II. The maturity period of Government securities shall not exceed 30 years from the date of its issuance.
The Governor shall issue directives on the conditions for authorizing persons to deal in the primary market for Government securities.
Sufficient funds to meet public debt and its obligations shall be included in the General Budget Law.
If the date of repayments of any public debt amount coincides with an official holiday of the Government or commercial banks, debt re-payment shall be made on the next working day.
The Central Bank shall be responsible for public debt issuance and the Governor shall, in an agreed upon manner, provide the Minister with reports on the situation of this debt.
Government securities shall be traded in the Amman Stock Exchange and may be traded elsewhere.
The Government shall not provide financial guarantees for any party except in exceptional and justified cases for investment related to the projects of national interest and Government entities provided that the Council of Ministers, upon recommendations from the Minister, approves the issuance of such guarantees.
The public debt represents an absolute and unconditional obligation by the Government and therefore Government securities and Government loans are considered equivalent in terms of their payments priority. Public Debt
Notwithstanding the provisions of any other law, the Government domestic borrowing shall be carried out by issuing Government securities and the Government shall be prohibited from direct domestic borrowing from commercial banks or any other institutions.
The outstanding domestic public debt may not, at any time, exceed (60%) of Gross Domestic Product (GDP) at current prices of the latest year for which data is available.
The outstanding external public debt may not, at any time, exceed (60%) of Gross Domestic Product (GDP) at current prices of the latest year for which data is available.
Despite of any notwithstanding provisions of any other law, the total outstanding public debt may not may not, at any time, exceed (80%) of (GDP) at current prices of the latest year for which data is available. General Provisions
The provisions of article (22) and Article (23) shall enter into force on the date approved by the Council of Ministers.
Notwithstanding the provisions of any other legislation or any contradictory clauses in this law, the Government debt due to the Central Bank shall not exceed the outstanding debt on the date this law enters into force.
The Public Debt Law Number (1) of 1971 and all its amendments are abolished.
The Prime Minister and the Ministers are committed to execute the provisions of this law.