AMMAN —
Prime Minister
Bisher Al-Khasawneh has said that Jordan’s debt-to-GDP ratio
currently stands around 90 percent, emphasizing that his government is
committed to effecting structural reform, and is pursuing a prudent approach to
debt management and reduction.
اضافة اعلان
The prime
minister, speaking to reporters on the sidelines of the Arab Small and
Medium-sized Business (
SMEs) Summit, which opened Sunday in Amman under the
theme “Opportunities beyond borders”, said that the Kingdom’s debt service
dropped by JD25 million in 2021. “We have not seen this downward trajectory in
many years”, and the government is taking “firm steps” to address the issu, he
saide.
Khasawneh, who
deputized for Crown Prince Hussein, said that Jordan’s foreign exchange
reserves have reached a new high, of around $17 billion, and that international
rating agencies have either maintained or raised Jordan’s credit ratings.
The premier also
indicated that the Kingdom’s wheat and barley reserves are sufficient for 13
and 8 months, respectively, and that his government is pursuing prudent
policies to strengthen the Kingdom’s resilience in the face of global market
challenges.
Regarding the
recent Cabinet reshuffle, Khasawneh said its goal was primarily to ramp up
efforts toward achieving economic and political reforms, as well as public
sector reform.
Arab ministers,
representatives of various business sectors, and more than 100 SMEs are
attending the summit, which is being organized by the UN Economic and Social
Commission for Western Asia (
ESCWA) in collaboration with the Jordan Enterprise
Development Corporation.
The event, the
first of its kind in the region, will discuss mechanisms for assisting Arab
small and medium-sized businesses in accessing regional and international
markets, securing financing, and increasing their expansion capacity.
Minister of
Industry, Trade, and Supply Youssef Shamali stated that access to financing is
a challenge for SMEs in the Arab world, noting that the proportion of banking
facilities provided for these projects does not exceed 9 percent of the total
bank facilities.
He also cited the
absence of robust regulatory frameworks required to streamline the SME sector
as a further obstacle.
To address these
challenges, Shamali added, Jordan launched a national strategy for financial
inclusion, with one of its main goals being to improve small and medium-sized
businesses’ access to finances. The Kingdom succeeded in increasing financial
inclusion from 33 percent in 2017 to 50 percent in 2020.
UN Under-Secretary
and ESCWA Executive Secretary Rola Dashti said that the summit serves as a
platform that brings together those looking for funding, training and
technology, and those who have the capacity and resources to meet those needs.
She also stated
that SMEs’ annual employment rates remain low when compared to those of large
corporations, emphasizing that SMEs can play a critical role in achieving
higher and more comprehensive economic growth, particularly in securing new job
opportunities for young people, serving as an effective driver of change and
development.
The three-day
summit will cover topics such as global expansion, market access and global
value chains, access to finance, green entrepreneurship, and emerging trends in
technology. It also features an exhibition where approximately 100 SMEs display
their product.
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