PM reviews progress in economic stimulation plan with taskforce

AMMAN — Prime Minister Hani Mulki on Thursday presided over a meeting of the Economic Policies Council to review progress of the Plan to Stimulate Economic Growth, the Jordan News Agency, Petra, reported.

During the meeting, Mulki noted that the council has been working on stimulating the national economy in line with the Financial Reform Programme that aims to reduce the deficit in the state budget and the debt-to-GDP ratio through various measures, such as increasing national exports and improving accessibility to markets.

The council has come up with several recommendations that would be implemented to mitigate the impacts of the economic challenges facing the Kingdom.

The premier said the recent government's decision related to encouraging investments and granting Jordanian nationality to investors is prone to mobilise economy and generate jobs.

To support national industries, Mulki said, the government has begun discussing obstacles that face Jordanian exports with several countries and the agreements that were signed with those countries.

The Cabinet has recently suspended a Free Trade Agreement with Turkey, citing its failure to benefit national economy and adverse impact on local industries.  

The Cabinet has prepared plans of mega projects that would contribute to solutions for economic and social challenges, such as the new city to the east of Amman, he said, which is expected to attract investments.

The premier noted that Council of Ministers is working with the Parliament on legislation that would help stimulate the economy and attract investments.

The law under consideration is related to medical malpractice, moveable assets security, bankruptcy and insolvency, labour and customs.

On the draft law to amend the Income Tax Law, Mulki said that the government is still considering it with focus on the need to increase the efficiency of tax collection and criminalising tax evasion.

For his part, Deputy Prime Minister and Minister of State for Economic Affairs Jafar Hassan, who leads the government economic team, stressed the importance of implementing the economy growth stimulation blueprint.

He underscored the government’s role in easing investment procedures, noting that the Kingdom has promising investment opportunities in 2018, especially in the fields of mining, energy, water, transport and infrastructure.

He said that the stimulation plan has 212 interventions and measures and 7, 000 procedural indicators.

Hassan noted that there will be a monthly agenda for each sector with specific measures that need to be taken within this period, adding that any ministry or agency that fails to implement these measures would be held to account.