Day: December 22, 2022

Categories
Affairs

IMF lauds Jordan’s economic reforms, makes $343 million immediately available, 2nd, final add

He noted that the planned gradual fiscal consolidation, along with efforts to improve public investment management and monitoring of fiscal risks, will continue to support debt sustainability.

“Monetary policy is appropriately anchored in safeguarding the peg. The financial sector remains healthy, and the Central Bank of Jordan continues to closely monitor banks’ asset quality. Subsidized lending schemes should become more targeted and be gradually phased out as the recovery entrenches,” Okamura explained.

To further enhance the AML/CFT regime, Okamura said, the authorities are committed to implementing the remaining items in the action plan to exit the FATF’s watch list.

The IMF official underlined that electricity and water sector reforms are critical for preserving the sustainability of public finances.

“Timely implementation of the action plan prepared in consultation with development partners is key to credibly reduce NEPCO’s deficits. Strong policy efforts are also needed to address water scarcity and the persistent losses and arrears of the water sector. To this end, the recent adoption of the financial sustainability roadmap for the water sector is welcome,” Okamura added.

“Achieving strong and inclusive growth rests on steady progress on structural reforms to support female labor force participation, enhance youth employment and labor market flexibility, promote competition, reduce the costs of doing business, and strengthen governance and transparency,” Okamura concluded.

Source: Jordan News Agen

Categories
Government Policy

King discusses ties with Oman sultan

Amman, His Majesty King Abdullah, in a phone call on Thursday with Sultan Haitham bin Tarik of Oman, discussed the deep-rooted ties between the two countries and peoples, as well as keenness to expand cooperation across various fields.

The phone call covered issues of mutual concern, and the latest regional and international developments.

Source: Jordan News Agency

Categories
General

Dead Sea summit strengthened Arab efforts in defending Palestinian cause-RCJA

Amman, Secretary-General of Royal Committee for Jerusalem Affairs (RCJA), Abdullah Kanaan, stressed the importance of Baghdad Summit for Cooperation and Partnership recently held at Dead Sea, in light of the “accelerating” regional and international political and economic developments, which require “effective” partnership to face challenges.

Kanaan, in an interview with “Petra” on Thursday, referred to Israel’s repressive and settlement practices on the field level in occupied Palestine.

In this regard, he noted the upcoming Israeli government controlled by extreme right-wing parties requires an Arab and international stance to force Israel to achieve a just peace and implement international legitimacy resolutions, agreements and treaties, foremost is the two-state solution and establishment of a Palestinian state with East Jerusalem as its capital on the 1967 borders.

Jordan, throughout its history, is a regional and international destination to hold multiple “central” summits and forums to express unified diplomatic positions on many issues, foremost is the Palestinian issue and city of Jerusalem, he said.

Dead Sea summit provided an “important” international opportunity to address public opinion and explain repercussions of Israeli colonial policy to destabilize the region and undermine peace and international legitimacy, he said.

The summit, he noted, is a “key” factor in strengthening Arab unity and building international strategic relations that will strengthen the Arab position and efforts in defending the Palestinian cause and Jerusalem.

In addition, he noted this “historic” summit is a message to the world that peace and stability is the basis to development.

RCJA affirms the “firm” Jordanian position to support Palestinian cause and present its file in all international forums and discussions, according to Kanaan.

Source: Jordan News Agency

Categories
General

HUDC wins logo design for Arab Housing Day 2023

Amman, A logo designed by the Housing and Urban Development Corporation (HUDC) was selected for the Arab Housing Day 2023.

The design will bear the slogan “Humanizing Cities; A Mental Health Pillar.”

According to a statement by the cooperation on Thursday, the winning poster was chosen during voting on various designs submitted by the Arab countries at the 39th session of the Council of Arab Ministers of Housing and Reconstruction, which was recently held in Egypt.

Source: Jordan News Agency

Categories
Affairs

IMF lauds Jordan’s economic reforms, makes $343 million immediately available

Amman, Jordan has continued a broad-based recovery amid a challenging external environment, thanks to the authorities’ effective policy response, said the International Monetary Fund (IMF) on Thursday.

While the IMF Executive Board completed the fifth review of Jordan’s program supported by the Extended Fund Facility (EFF), it said that policies should remain focused on maintaining macroeconomic and financial stability, protecting the vulnerable, and advancing reforms to boost employment, growth, and competitiveness, the IMF said in a statement.

The completion of the review will make the equivalent of SDR 257.325 million (about $343 million) immediately available.

This brings total IMF disbursements to Jordan since the start of 2020 to SDR 1,276.247 million (about US$1.699 billion) including a purchase of SDR 291.55 million (about US$407 million) in May 2020 under the Rapid Financing Instrument.

Jordan’s four-year extended arrangement amounting to the equivalent of SDR 926.37 million (about US$1.293 billion, equivalent to 270 percent of Jordan’s quota in the IMF), was approved by the IMF’s Board on March 25, 2020 and was augmented on June 30, 2021 to the equivalent of SDR 1070.47 (about $1.494 billion, equivalent to 312 percent of Jordan’s quota in the IMF).

According to the statement, stepped up donor support is crucial to help Jordan navigate the adverse exogenous shocks from elevated commodity prices and tightening global financial conditions, as it continues to shoulder the burden of hosting 1.3 million Syrian refugees.

Source: Jordan News Agency