World Economy

Jordan Official Urges Economic Self-Reliance

Jordan Official Urges Economic Self-RelianceJordan Official Urges Economic Self-Reliance

Jordan’s Deputy Prime Minister and Minister of State for Economic Affairs Jafar Hassan has said that “Jordan cannot continue borrowing and accumulating debts”, underlining the need for self-reliance and corrective plans to address challenges.

The remarks came during a panel discussion organized by the Jordan Strategy Forum titled “economic and fiscal policies and their impact on stimulating Jordan’s economy”, the Jordan news agency, Petra reported.

The public debt service has become very high and more borrowing will add burdens on the general budget during the coming years, which would be at the expense of essential expenditure and development plans, the minister added.

Finance Minister Omar Malhas said that the existence of a stable fiscal policy would lead to realizing macroeconomic stability, thus accelerating growth. The government is working with the World Bank to “address the public budget’s deficit”, Malhas added.

Within the financial reform program, the finance minister noted that the government will establish an investment administration unit that aims to enhance the efficiency of capital expenditure after revisiting capital projects of all ministries.

In an interview with Jordan Television’s 60 Minutes program Friday evening, Hassan that there’s no option for Jordan other than self-reliance in order to face economic challenges, stressing that the government believes in the importance of partnership with various sectors and is open to all when it comes to plans and programs.

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