Prime minister links Kingdom’s credit rating upgrade to' prudent' fiscal, monetary policies

AMMAN — Prime Minister Bisher Khasawneh on Sunday commended Jordan’s recent credit rating upgrade by Standard & Poor’s (S&P), marking the first upgrade in over two decades.

During a Cabinet session, Khasawneh said that the achievement is the collective efforts of the Ministry of Finance, the Central Bank of Jordan, and other relevant agencies, as well as the government's prudent fiscal and monetary policies, according to the Jordan News Agency, Petra. 

He also noted that this milestone follows a similar upgrade by Moody’s earlier this year, despite a global trend of downgrades affecting non-oil economies in the region.

Khasawneh also highlighted Jordan’s strong financial position, including $20 billion in reserves and an improved inflation rate of 1.7 per cent, down from 4 per cent.

 Khasawneh also highlighted a $2.3 billion rail project in partnership with the UAE, designed to connect Jordan's industrial port to key mining regions and enhance phosphate and potash exports. 

He also said that the project is part of a broader $5.5 billion investment package signed in Abu Dhabi in 2023, which aims to create jobs and strengthen Jordan’s logistics sector.

The prime minister also reaffirmed Jordan’s commitment to the comprehensive modernisation programme, initiated by His Majesty King Abdullah, encompassing political, economic, and administrative reforms. 

He also urged citizens, particularly the youth, to actively participate in the upcoming parliamentary elections, underscoring the importance of political engagement in shaping the country’s future.