Category: Affairs

Continued post-COVID recovery and positive spillovers from the region led to stronger growth in 2022-23, however, the medium-term outlook is weighed down by elevated commodity prices, tightening financial conditions, and a slowing global economy.

GDP growth, according to the IMF, is projected to remain at around 2.7 percent in 2022-23, up from 2.4 percent in the fourth review. Inflation, projected at 4.4 percent for 2022, has increased but remains moderate and should ease in the period ahead. The banking system remains resilient to shocks.

Financial challenges in the electricity sector are exacerbating fiscal pressures as subsidies have increased considerably on the back of high international commodity prices.

Unemployment for Jordanians remained elevated at 22.6 percent in 2022, with youth unemployment showing some decline but remaining high at nearly 50 percent, and the IMF’s financial support will help Jordan navigate these challenges and catalyze support from other development partners, which will be critical to enable Jordan to promote an inclusive recovery and build forward better, while continuing to host 1.3 million refugees.

Following the Executive Board discussion, Deputy Managing Director and Acting Chair, Kenji Okamura, said: “Fiscal performance has been strong, on the back of sustained legislative and administrative reforms to reduce tax evasion and avoidance.”

“The authorities have also replaced untargeted and fiscally unaffordable fuel subsidies with cash transfers to protect the most vulnerable segments,” Okamura added.

Source: Jordan News Agency

Irbid, Jordan’s olive oil production has reached around 22,000 tons as the final weeks of the 2022 harvest wind down, according to the Jordan Olive Oil Mills and Producers Syndicate.

Despite low rates of olives compared to previous seasons, olive oil production met the needs of consumers and traders in the local market, said the syndicate’s spokesperson Mahmoud Omari in a statement on Thursday.

He added that despite lower oil yields, larger amounts of olive oil have been exported to many markets across the world where Jordanian olive oil is highly sought after.

Omari noted that the price of a 17-kilogram (kg) tin of oil this season varied between 80 and 90 dinars, depending on the market and the quality of the oil inside.

Source: Jordan News Agency

Washington, Oil prices rose in the global market Wednesday as US crude recorded its highest level in two weeks after an unexpected drop in crude stocks in the US, according to the FX website.

FX reported that according to preliminary data from the American Petroleum Institute, global mail.US crude rose by 2.85 per cent to $78.16 a barrel, the highest since December 5 and recorded the lowest at $75.82 a barrel.

Brent crude rose by 2.8 per cent to $81.93 a barrel, from its opening at $79.71 and recorded the lowest at $79.59 a barrel.

Source: Jordan News Agency

London, The pound sterling fell against the US dollar on Wednesday while the European euro rose.

According to economic reports from financial centres, the pound fell 0.25 per cent to 1.216 dollars, and the euro rose 0.11 per cent against the dollar to 1.063.

Source: Jordan News Agency

Amman, The Lower House Economy and Investment Committee on Wednesday approved amendments to Aqaba Special Economic Zone Authority (ASEZA) Law for 2022.

During its meeting, the committee’s chairman, MP Omar Naber, presented the bill’s mandating reasons aimed to oblige foreign companies to register at ASEZA, revoke reference to social services tax in line with abolition of its law, and align the authority’s tax system with international tax standards and rules.

Following consultations with stakeholders, Naber said the committee approved the bill’s articles after making the necessary amendments.

For their part, the committee’s members said amendments seek to encourage investment in Aqaba, making it an “attractive” area for foreign companies.

Meanwhile, Income and Sales Tax Department (ISTD) Director General, Husam Abu Ali, said gov’t’s main goal focuses on stimulating Aqaba’s economic activity, adding that incentives and privileges are given to investors wishing to launch their projects in the port city and employ Jordanians.

The bill’s mandating reasons seek to stimulate investment in the real estate and housing sector and increase the related trading volume by lowering fees collected in relation to property value for sale and donation contracts.

Source: Jordan News Agency

Amman, President of the Textile, Readymade Clothes and Footwear Syndicate Sultan Allan, denied news reports on imposing a new garment tax.

Allan, in a statement to “Petra” on Wednesday, noted a rumor of unknown origin was circulated over the past few hours that a new tax will be imposed on garment items locally.

On its role to increase sales activity, he said the syndicate is working “hard” to lower sales tax on garments and footwear, as essential commodities, adding that its efforts also aim to slash tariffs on fabrics, as production inputs, which would support the local industry’s competitiveness.

The syndicate, he noted, views rumors as “harmful” to the citizens’ interest, Jordan’s trade sector and national economy, which is battling “multiple difficulties.”

Source: Jordan News Agency

Aqaba, The Board of Directors of the Aqaba Chamber of Commerce and Bangladesh Ambassador to Jordan, Nahida Sobhan, and an accompanying delegation Wednesday held talks in Aqaba to further trade ties and cooperation.

Sobhan said Bangladesh witnessed a “significant” increase in European direct investment due to several factors, especially the availability of qualified and trained workers and the country’s progress in human development.

Members of the Aqaba Chamber presented the commercial and investment opportunities within the Aqaba Special Economic Zone and the applicable regional and international trade agreements that qualify Aqaba to shore in Bengali investments.

The gathering agreed to organise meetings with chambers of commerce in Bangladesh.

Source: Jordan News Agency

Irbid, Yarmouk Water Company (YWC) and a German Technical Cooperation Agency (GTZ) team on Thursday discussed joint cooperation on implementing water and sanitation projects.

Speaking at the meeting, YWC Chairman, Hussein al-Saub, stressed the importance of partnership and cooperation with GTZ, as a “key” partner supporting Jordan’s water sector.

He also pointed to the key projects that were implemented with GTZ’s support, which reflected “positively” on improving the water situation in Jordan’s northern region.

For his part, YWC general manager, Ahmed Bataineh, highlighted the importance of GTZ’s role in implementing water and sanitation projects in Jordan’s northern governorates, which contributed to raising the sector’s worker performance level and quality of services provided to citizens.

Reviewing a slew of projects under implementation, in cooperation with GTZ, he highlighted future requirements in the areas of sanitation, capacity building and development of water production and supply stations, aimed at improving these facilities’ conditions to meet the citizens’ increasing demand on water supply.

In a presentation, GTZ team affirmed the agency’s readiness to cooperate in the technical, commercial and administrative fields, mainly sanitation and water supply stations, logistic support, customer services, and YWC workers’ capability development.

Source: Jordan News Agency

Amman, Jordanian Minister of Industry, Trade and Supply, Labour Minister and Energy and Mineral Resources Minister Thursday held talks in Baghdad with Iraqi ministers on economic cooperation and implementing joint strategic projects.

Jordan’s Minister of Industry, Trade and Supply and Minister of Labour Yousef Shammali said, according to a ministry statement, there are understandings and agreements between Jordan and Iraq to enhance bilateral cooperation in a range of areas and to maximize the benefit from the agreements signed between the two countries.

Shammali, the Head of the Jordanian side in the Iraqi-Jordanian Joint Committee, noted the “common vision” to improve cooperation frameworks between the two countries in the economic and development scopes, especially trade and investment, the joint economic zone project and energy projects.

Shammali said Jordan and Iraq are working with Egypt to complete the implementation of the outputs of the tripartite summits that brought together the leaders of Jordan, Iraq and Egypt, especially achieving industrial integration and promoting food security, facing the challenges and emergency factors that affect supply chains and developing proposals aimed at building an advanced state of regional economic integration.

He said that work on building the joint economic city between Jordan and Iraq is “progressing according to plan.”

The meeting noted that the economic city project would contribute to the required development in the western regions of Iraq and the eastern areas of Jordan, raising the level of economic cooperation between the two countries and providing job opportunities.

Led by the Minister of Industry and Minerals Khaled Battal, the Head of the Iraqi side in the Iraqi-Jordanian Joint Committee, the Iraqi ministers comprised the Deputy Prime Minister and Minister of Oil, Deputy Prime Minister and Minister of Planning, Minister of Electricity and senior officials.

Source: Jordan News Agency

Amman, Minister of Social Development, Wafaa Bani Mustafa, on Thursday discussed with UNHCR Representative to Jordan & interim UN Resident Coordinator, Dominik Bartsch, ways to improve social services provided to refugees.

Bani Mustafa referred to Jordan Response Plan (JRP) for the Syrian crisis and its axes, which paid “full” attention and the “necessary” interest to issues related to refugees’ social protection.

Jordan has worked since the beginning to provide services to refugees, based on its keenness and commitment to preserving human rights, the minister said.

Bani Mustafa noted ministry’s services provided in social protection area for various societal groups, mainly juveniles, people with disabilities and victims of domestic violence are of “high” quality, referring to its trained and qualified workers’ competencies to carry out their duties in this field.

For his part, Bartsch lauded Jordanian government’s role, which gave the refugees “utmost” care and attention, referring to the ministry’s roles in providing social services.

Commending expertise of National Aid Fund (NAF) and the ministry’s employees, he highlighted importance of benefiting from technical expertise by holding multiple discussions for United Nations High Commissioner for Refugees (UNHCR) social protection experts and their Jordanian counterparts.

Source: Jordan News Agency