Middle East has grown accustomed to bearing global crises — Ississ

Finance Minister Mohamad Al-Ississ. (File photo: Jordan News)
AMMAN — On the occasion of the launch of the International Monetary Fund’s (IMF) Regional Economic Prospects report for the Middle East and Central Asia in Dubai, Monday, Finance Minister Mohamad Al-Ississ said that countries around the world will feel the effects of the rise in commodity and oil prices in an unfair way, according to Al-Ghad News.اضافة اعلان

Ississ stressed the need for countries to come up with policies that enable them to face risks by expanding the scope of social safety nets to respond to growing vulnerabilities, and to focus on fair taxation rather than continuously increasing sales tax and customs fees, adding that “in light of the challenges, officials in Arab countries must come up with policies that suit citizens.”

Ississ said that the Middle East is used to bearing global crises, but citizens’ frustration is increasing because they are bearing the burden of decisions taken in other parts of the world.

Ississ added that the IMF and the international community must take into account events and crises when designing policies since crises transcend the borders of the countries in which they originate and affect others as well.

The report, entitled “Escalating challenges and critical times” talks about the deteriorating global conditions, and about the simultaneous shocks suffered by the economies of the Middle East and Central Asia, such as the global economic recession, and high food and energy prices.

Ississ that that emerging markets and the middle and low-income economies in the region have been hit hard, and that many of them are facing constraints in accessing financing markets, while oil-exporting countries enjoy fiscal stability thanks to the constant increase in energy prices.

Director of the Middle East and Central Asia Fund Jihad Azour said that Jordan was able to maintain its main economic indicators through its good policy during the crises it has gone through.

The IMF warns in the report of global economic risks due to the supply chain shocks, the ongoing Ukrainian war and inflation, and that food security is expected to be a growing concern given the shortage of wheat.

Read more Business
Jordan News