Improved credit rating will boost Kingdom’s economy investment — investment expert

AMMAN — Haider Majali, investment and finance expert, stated that the improvement of Jordan's credit rating by Moody's International Agency from B1 to Ba3 is a step in the right direction to affirm the resilience of the Jordanian economy.

Majali highlighted that this long-term credit rating comes after a challenging period of approximately 21 years marked by fluctuating and unbalanced economic indicators, noting that this new rating aligns with the credit ratings from Standard & Poor’s and Fitch Ratings, which have affirmed a stable outlook and maintained a positive outlook for the Jordanian economy, respectively.

Majali added that this improved rating serves as an international vote of confidence in the strength of the Jordanian economy and its ability to navigate through challenges, noting that it also signifies the success of the economic reform plan, which aims to shield the middle class from the global economic crises triggered by the COVID-19 pandemic and the aftermath of the devastating Israeli war on Gaza.

He emphasised that this improved rating would positively impact the kingdom’s ability to attract foreign investments, reduce public debt burdens, lower external debt repayments, and improve future borrowing conditions, affirming that this new rating would bolster the Kingdom’s efforts to cultivate an attractive investment environment, leading to the creation of new job opportunities.

Majali attributed this improvement in the credit rating to the efforts of His Majesty King Abdullah and his directives to the government to adopt prudent fiscal and monetary policies over the past years in order to enhance the standard of living for Jordanian citizens.