Firas Sultan, the representative of the financial and banking sector at the Jordan Chamber of Commerce (JCC), emphasized that Fitch Ratings' decision to affirm Jordan’s credit rating clearly reflects the resilience of the national economy and its capacity to navigate external challenges and shocks, despite ongoing regional tensions.
اضافة اعلان
Fitch Ratings recently affirmed Jordan’s Long-Term Foreign-Currency Issuer Default Rating at (BB-) with a Stable Outlook, notwithstanding the security disturbances in the region.
Key Takeaways from the Report:
The agency’s report attributed the affirmation to several factors:
Economic & Financial Stability: The Kingdom's ability to maintain stability and confront external shocks.
Structural Reforms: Continued progress in economic and financial reforms.
Banking Sector Strength: The robustness of the Jordanian banking system.
International Support: Sustained backing from global partners.
Expert Analysis
In a statement to the Jordan News Agency (Petra), Sultan—who also serves as the JCC’s Second Vice President—noted that this decision, along with similar affirmations from other global agencies this year, reinforces international market confidence. He stated it validates the effectiveness of the state's fiscal and economic policies.
He further highlighted:
Monetary Resilience: High levels of foreign currency reserves and low dollarization rates enhance macroeconomic immunity.
Growth Prospects: Fitch’s expectation for economic growth in the coming years, despite impacts on sectors like tourism, underscores a solid economic foundation.
Capital Projects: Growth is supported by increased capital spending, the implementation of major projects, and expanded trade with neighboring countries.
Reform Path: Continued cooperation with the International Monetary Fund (IMF) reflects global trust in Jordan's path toward financial stability and sustainable growth.
Sultan concluded by stating that the credit rating affirmation serves as a vital "message of confidence" to investors, enhancing the attractiveness of Jordan’s investment environment and supporting national efforts to stimulate growth and job creation.
— (Petra)
