Jordan aims to revive its depressed economy

11/11/2015

Minister of Industry, Trade and Supply of Jordan, Maha Ali said to members of the Iraqi Business Council that Amman will help investors through removal of all obstacles. She promoted economic packages and she assured that Jordan will overcome ongoing economic conflicts.
It is to be noted that around 20% of the export of Jordan worth more than $1.2 billion per annum goes to Iraq but the armed conflict in the country coupled with the closure of the Treibil border crossing point have affected Jordanian industries.
Minister Ali further stated that ending border closures and facilitating access for Jordanian exports are among the high priorities of the government. Jordan economy is hugely affected due to Iraqi and Syrian conflicts.
In July, the International Monetary Fund (IMF) stated that its funding program helped to stabilize Jordan’s economy. The central bank governor, Zaid Fariz, said that discussions over a new funding program by IMF will start soon to replace the three-year $2 billion standby arrangement program.
He also added that stability of the economy means it would remain resilient in the face of regional turmoil. Fariz also stated, “The challenge we face is faster growth beyond the present rates, to maintain low budget deficit, maintain fiscal stability and reduce debt.”
Finance Minister Umayya Toukan said foreign investors still have confidence in the Jordanian market after an underwriting application in New York for bonds worth $500 million in the international market for a 10-year term ended up attracting more than $2 billion.

Last Update:: 11/11/2015

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