Complex Made Simple

Jordan vows financial controls as regional turmoil continues to bite

The country’s reserves of foreign currency hit $13 billion, while trade deficit edged down to 7.6 per cent of the gross domestic product.

The Jordanian government will maintain a financial control policy and robust reforms in order to ease fiscal and economic burdens arising from the turmoil in the region.

Jordanian Minister of Finance, Umayya Toukan, says contracts are underway with the International Monetary Fund to agree on a future cooperation programme to alleviate financial and economic pressures.

Speaking to the Jordan News Agency (Petra), Toukan says the top challenge now is the massive number of Syrian refugees who fled the war in their country.

The minister says the government’s 2014-2017 Fiscal Reform Programme focuses on key areas and they include: increasing domestic revenues, rationalising public spending and slashing budget deficit and public debt.

He indicates that the ministry’s data as well as projections by international institutions expect the Jordanian economy to deliver a real growth of 3.8 per cent this year and more than 4 per cent in 2016.

The country’s reserves of foreign currency hit $13 billion, while trade deficit edged down to 7.6 per cent of the gross domestic product.