PM Hails Jordan's Credit Rating Upgrade As Testament To Robust Fiscal, Economic Policy

(MENAFN- Jordan News Agency)

Amman, May 12 (Petra) -- Prime Minister Bisher Khasawneh commenced the Cabinet session on Sunday by discussing Jordan's recent elevation in its sovereign credit rating by Moody's, the first such enhancement in 21 years.
During his address, Khasawneh emphasized the significance of this milestone, praising it as a testament to the global respect and credibility of King Abdullah II. He credited the King's influential leadership as pivotal in achieving this upgrade.
Further, the Prime Minister elaborated that this improvement in Jordan's credit rating underscores the effectiveness of the kingdom's prudent economic and structural reforms in the financial, monetary, and banking sectors.
He noted that these reforms have been implemented successfully despite the considerable regional challenges and adversities that have impacted the surrounding areas over the past two decades.
Khasawneh also highlighted that the credit rating upgrade coincided with Fitch affirming Jordan's credit status and the successful first review of the new extended credit facility program with the International Monetary Fund (IMF).
He pointed out that this success follows a four-year engagement with the IMF during which Jordan met all set financial, monetary, and structural benchmarks, despite regional tensions including the ongoing conflict in Gaza.
Khasawneh reaffirmed our accomplishment of economic objectives and the notable success in elevating the credit rating. This achievement is complemented by our effective measures in mitigating the impact of inflation, our achievements in public auditing, and in attaining equilibrium in the trade balance. He emphasized, "These are achievements that rightfully warrant our pride."
Furthermore, the Prime Minister proudly referenced other national achievements realized amidst significant challenges, such as a comprehensive labor market survey showing employment figures surpassing the best averages of the previous decade.
This progress was achieved despite the global disruptions caused by the COVID-19 pandemic, the economic impact of the Russia-Ukraine conflict, and the continued conflict in Gaza.
The Prime Minister emphasized that the efforts of His Majesty King Abdullah II, in addressing the brutal aggression in Gaza and securing a lasting ceasefire, align seamlessly with the natural course of life. This endeavor, alongside ensuring continuous humanitarian aid, lays the groundwork for reestablishing a firm and irreversible political path towards a fully sovereign Palestinian state, with East Jerusalem as its capital, based on the June 4, 1967 borders and within the framework of a two-state solution.
His Majesty's longstanding warnings about the consequences of failing to pursue such a solution are being realized in the current situation, posing threats to security, stability, and peace at regional and global levels.
Khasawneh underscored our enduring adherence to these resolute and groundbreaking positions, which His Majesty the King has adeptly championed, recalibrating viewpoints and policies in influential capitals concerning the persistent Israeli aggression in Gaza.
The Prime Minister said: We observe a discernible evolution in political postures across several nations, formerly aligned with Israel, now articulating unequivocal condemnation and eschewing any provision of immunity or endorsement for its actions.
Moreover, there exists a staunch opposition to any escalation of military endeavors targeting Rafah, recognizing the potential for further exacerbating the already dire humanitarian plight in Gaza, he added.
The Prime Minister reiterated Jordan's steadfast and unequivocal stance against any situation that might result in the displacement of the Palestinian people from the West Bank and Gaza Strip. Such actions would not only undermine the legitimate Palestinian right to establish their own state but also violate the Jordanian-Israeli peace treaty.
Khasawneh also reiterated our unwavering commitment to principled positions, affirming full support for our Palestinian brethren in Palestine. He emphasized that our stance remains steadfast towards the Palestinian cause and all Palestinians, free from partisan or factional biases.
He asserted, "We stand in solidarity with all Palestinians, upholding their undeniable rights, and always ensuring our national interests are safeguarded, enabling us to fulfill our crucial roles in addressing various Arab matters while preserving our domestic achievements and the continuity of everyday life."
Returning to domestic affairs, Khasawneh reiterated Jordan's resilience and confidence as it approaches its second century. He emphasized a steadfast approach across political, economic, and administrative spheres, noting significant progress despite regional challenges.
In economic terms, Khasawneh stressed the imperative of revitalizing key sectors like tourism to bolster resilience and assert influential positions on regional issues, particularly the Palestinian cause.
Regarding internal governance, Khasawneh underscored Jordan's unwavering commitment to constitutional processes, including the upcoming parliamentary elections slated for September 10. This commitment, he emphasized, reflects the nation's stability and the leadership's confidence in its institutions.
He reiterated the belief that the natural course of societal progress will provide the means to meet citizens' needs and advocate for just causes, notably the Palestinian issue, with a focus on achieving a two-state solution.

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