State power provider Nepco has been a key contributor to Jordan’s debt mountain, which has climbed above $40bn. But the firm is now looking to cut subsidies to end its chronic borrowing. Cheap gas imports from Egypt and Israel will make Nepco’s ambitions more attainable, but subsidy cuts are easier said than done.

Jordan’s economy is amongst the shakiest in the Middle East. Since 2010, GDP growth has averaged only 2.5%. Coupled with the high spending needed to maintain the...