Senate's Finance and Economy Committee, finance minister discuss financial policies, economic reforms

AMMAN — The Senate's Finance and Economy Committee, headed by Senator Rajai Muasher on Wednesday met with Finance Minister Mohammad Al-Ississ to discuss financial policies and the financial and economic reform programme established with the International Monetary Fund (IMF). 

Muashar said that the meeting aimed to discuss financial policies, particularly in light of regional developments, and to review the signed programme with the IMF, focusing on financial and economic reform. 

Al-Ississ, in the presence of the Ministry's Secretary-General Abdelhakim Shibli, underscored Jordan's attainment of financial and monetary stability, evident in the country's robust financial rating.   He also noted a historic high in capital expenditure coupled with increased allocations for the social protection network. 

Affirming the government's commitment to refrain from tax hikes, Al-Ississ acknowledged Jordan's success in reducing the initial deficit and public debt, overcoming challenges from events such as the Russia-Ukraine war, global economic downturn, and the Israeli war in Gaza, all occurring post-COVID-19 recovery.

Al-Ississ also emphasised that the crucial role of financial policy and tax system reforms for maintaining economic stability, fostering growth and bolstering reliance on domestic resources for public expenditures. 

He also noted that the financial and economic reform programme with the IMF represents a strategic choice for Jordan, safeguarding the middle class from regional and global challenges. 

He also highlighted that the ongoing success, with seven reviews conducted with the IMF, ensuring financial and monetary stability through implemented reforms. The strategy includes applying the economic vision and strengthening competition to protect citizens from monopolies and facilitate companies' access to the financial market. The minister also reported a 2.6 per cent Gross Domestic Product growth by the end of 2023 at constant prices. 

Underscoring the priority given to national projects, Al-Ississ cited the National Water Carrier project, which aims to provide water sources and achieve water independence for Jordan as part of the Economic Modernisation Vision.