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Khasawneh highlights achievements in Jordan’s Economic Modernisation programme

Premier says 82 per cent of EMV has been realised

By JT - Feb 25,2024 - Last updated at Feb 25,2024

Prime Minister Bisher Khasawneh on Sunday launches the interactive meeting on the Executive Programme for the Economic Modernisation Vision at the Prime Ministry (Petra photo)

AMMAN — Prime Minister Bisher Khasawneh on Sunday launched the interactive meeting on the Executive Programme for the Economic Modernisation Vision (EMV) at the Prime Ministry.

Khasawneh announced that the first year of executing the EMV has seen an achievement rate of over 82 per cent.

Khasawneh also emphasised that the foundational structures for the next decade have been established through the development of performance monitoring mechanisms, adding that electronic systems for tracking progress have been set up in the Prime Ministry and 20 other ministries.

Khasawneh also said that the government, in collaboration with the Upper and Lower Houses, has approved several significant laws, including the Investment Environment Law and the Public-Private Partnership Law. 

The prime minister also stressed that the government has adopted initiatives to stimulate investment and economic activity across various sectors, including national strategies for mining and Digital Transformation National Strategy.

Khasawneh also highlighted that economic indicators showed growth rates of 2.7 per cent for the third quarter of 2023, an increase from 2.4 per cent in 2022 and 1.8 per cent in 2019. He also said that foreign direct investments attracted until the end of September 2023 were worth JD673 million, compared with JD889 million during the same period in 2022, and JD518 million in 2019.

He also noted that the total value of exports reached JD8.9 billion, compared with JD9.1 billion in 2022 and JD5.2 billion in 2019, attributing this decrease to the reduced global values of potassium and phosphate exports.

Khasawneh also said that the trade deficit decreased by 10 per cent, reaching JD9.3 billion in 2023, compared with JD10.4 billion in 2022 and JD7.7 billion in 2019. He also noted that the fiscal deficit as a percentage of the GDP decreased to 2.6 per cent in 2023, compared with around 2.7 per cent in 2022.

Khasawneh also highlighted the successful reviews of the extended financing programme with the International Monetary Fund and the signing of a new programme for 2024-2028. He also underscored that foreign currency reserves reached unprecedented levels, exceeding $18 billion in 2023, covering imports for over eight months, while they were approximately $17 billion and $14.4 billion in 2022 and 2019, respectively.

Inflationary pressures were contained at 2.1 per cent in 2023, below the targeted 3.8 per cent, compared with 4.2 per cent in 2022 and 0.8 per cent in 2019, he added.

The prime minister also emphasised that the Central Bank, Finance Ministry, and private sector played pivotal roles in facilitating external banking operations and enhancing the investment environment, noting that the economy saw growth in various indicators, including a 3 per cent increase in registered Jordanian companies in 2022 and a 20 per cent increase compared with 2019.

He also underscored that tourist income grew by 27 per cent in 2023, reaching JD5.2 billion, compared with JD4.12 billion in 2022 and JD4.1 billion in 2019, marking a golden year for tourism, 

Khasawneh emphasised Jordan’s unwavering support for the Palestinian cause, highlighting His Majesty King Abdullah’s continuous political and diplomatic efforts to end the aggression on Gaza and ensure sustainable humanitarian aid delivery into the besieged strip.

He also dismissed "baseless" claims about the existence of a land shipping route to Israel via Jordan as “fiction”, stating, “There is no land bridge and I confirm that transportation arrangements to and from Jordan have seen no changes since 25 years.”

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