Fitch affirms Jordan's long-term foreign-currency rating at 'BB-'

Central Bank of Jordan CBJ
(File photo: Jordan News)
AMMAN —  Fitch Ratings, a global credit rating agency, has affirmed Jordan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at “BB-“ with a stable outlook. اضافة اعلان

This announcement follows Fitch's official visit to the Kingdom in April, during which high-level meetings were held with key officials including Minister of Finance, Mohammad Al-Issis, and Governor of the Central Bank of Jordan (CBJ), Adel Sharkas.

Macro stability and fiscal reformsFitch Ratings acknowledged Jordan's remarkable achievements in maintaining macroeconomic stability and implementing fiscal and economic reforms.

The agency commended the Kingdom for effectively managing the general government deficit, which reached 2.7 percent in 2022, according to the Jordan News Agency, Petra. This figure surpassed Fitch's earlier forecast of 3.7 percent, demonstrating Jordan's efficiency in fiscal management.

In addition to fiscal discipline, Jordan exceeded expectations in terms of GDP growth.

Despite facing various regional and global shocks over the past decade, the country recorded a growth rate of 2.5 percent in 2022.

Strategic fiscal planning cushions impactFitch Ratings attributed Jordan's economic resilience to its strategic fiscal planning, which effectively protected the country from the impact of the war in Ukraine.

The agency noted that Jordan's meticulous approach to fiscal management played a crucial role in safeguarding its economy.

Another key factor in maintaining Jordan's rating is its stable program with the International Monetary Fund.

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