(MENAFN- Jordan Times) AMMAN - Prime Minister Bisher Khasawneh met on Thursday with President of Senate Faisal Fayez, members of the Senate Financial and Economic Committee, and the governor of the Central Bank of Jordan to discuss the draft general budget law for 2024.
Fayez said that Jordan is facing economic challenges due to the current situation in the region, the repercussions of the COVID-19 pandemic, the Russian-Ukrainian war and the ongoing Israeli aggression on Gaza and the occupied West Bank.
He emphasised that confronting our economic challenges is a shared responsibility, involving constitutional authorities, civil society institutions and the private sector.
Fayez stressed the need for an economic strategy to address the repercussions of the war on the Gaza Strip, adding, "We do not want to find thousands of unemployed Jordanians after the end of the Israeli aggression."
He said that the agricultural sector and food security projects require greater attention.
The senator also underlined the importance of financial and economic reforms to overcome the general budget deficit and to develop executable economic plans linked to specific timeframes, as well as economic plans that optimise Jordan's relative advantages in various sectors.
Khasawneh affirmed that the government has, for the fourth consecutive year, approved a budget that does not include any new taxes or fees.
"The comprehensive reform project, led by His Majesty King Abdullah, is moving ahead confidently to achieve its political, economic, and administrative objectives over ten years," Khasawneh said.
He said that Jordan has succeeded in seven reviews with the International Monetary Fund and recently reached a new programme worth 1.2 billion, extending until 2028, designed by Jordanians.
"Our situation in Jordan is safe and secure, which enables us to enhance the investment environment and continue modernisation, growth, and positive economic performance.
The premier said that Jordan had the lowest inflation rates in recent years compared to all non-oil-producing countries in the region. "We maintained our credit rating with international rating agencies."
"We have an unprecedented strategic foreign reserve of $18 billion, thanks to the wise policies of the Central Bank and we are proud of the positive performance of the national economy despite the challenges and difficulties, with 90 per cent of the current expenses in the 2024 budget draft coming from local revenues, and very positive indicators on the path to self-reliance."
Khasawneh said, "We have established an electronic system to monitor performance in the Economic Modernisation Vision and the modernisation of the public sector, which any citisen can access and follow transparently."
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