Commerce urges loan installment postponement for economic boost

Money JOD JD Dinar
(File photo: Ameer Khalifeh/Jordan News)
AMMAN— Representatives from various business sectors have called for urgent measures to revitalize and stimulate commercial activity in the local market, stressing the need to provide liquidity to mitigate the economic downturn.اضافة اعلان

They proposed deferring loan installments for individuals and companies alike, as well as reconsidering various customs and tax fees, and restructuring the overall salary structure. Additionally, they suggested launching social protection programs and implementing specialized sectoral solutions to address the challenges faced, Al-Mamlaka TV reported.

Emphasizing the importance of a trade strategy to contribute to economic development, they highlighted the need to promote Jordan as a promising investment opportunity and showcase its advantages through major shopping festivals.

President of the Zarqa Chamber of Commerce, Hussein Shraim stated that deferring loan installments without interest would provide liquidity to boost commercial activity. He called for a review of customs duties and the general sales tax, especially for essential goods, to facilitate trade.

He also highlighted the importance of creating external employment opportunities for unemployed individuals with university degrees, emphasizing the need for vocational and technical training to gradually replace local labor.

Chairman of Karak Chamber of Commerce, Mamduh Al-Qaraleh urged exploring means to provide liquidity among citizens and traders alike through various measures, including loan deferments, reducing various taxes and fees, and reviewing fuel pricing and the overall salary structure.

Additionally, the Head of the General Union of Clothing, Shoe and Textile Merchants, Sultan Allan proposed studying the challenges faced by each trade and economic sector separately and devising specialized solutions for each. He stressed the importance of adopting a trade strategy that contributes to overall economic development.

He also called for focusing on global marketing and highlighting Jordan's advantages through large shopping festivals and joint discount seasons in various provinces, supporting local traders by organizing the local market.

Meanwhile, economic expert Munir Dayeh stated that commercial activity has been facing difficult conditions since the beginning of the Israeli aggression on the Gaza Strip, as a result of several psychological and economic factors affecting consumers and business owners.

He pointed out that the current economic conditions are exceptional, requiring the government to take a set of measures to deal with them, most importantly deferring loan installments, given the financial obligations on citizens related to the specificity of Ramadan and the upcoming Eid Al-Fitr and others, to inject liquidity into markets and stimulate commercial activity.

He considered that bank policies are strict, negatively affecting many economic sectors in terms of liquidity shortage, economic performance decline, and living conditions of citizens, necessitating reducing interest rates to revive markets, calling for the expedited disbursement of income and sales tax refunds for companies.

He expressed hope for the existence of social protection programs provided by the Social Security Corporation (SSC), similar to the programs launched during the COVID-19 pandemic, reducing and deferring contributions, to maintain the continuity of employees' work, especially in affected sectors during this period, and offering financing programs to maintain liquidity levels in the economy.

Read more National news
Jordan News