JCI: S&P's Upgrade Of Jordan Credit Rating Bolsters National Economic Performance
(MENAFN- Jordan News Agency)
Amman, Sep. 8 (Petra) -- Chairman of the Jordan Chamber of
industry (JCI), Fathi Jaghbir, emphasized that Standard & Poor's (S&P) recent upgrade of Jordan's credit rating reflects the Kingdom's successful monetary and
financial policies.
In a statement to the Jordan News Agency (Petra), Jaghbir noted that this rating enhancement supports the national economy's performance, particularly amid the challenging circumstances arising from the Israeli war with the Gaza Strip, which has had regional repercussions.
Standard & Poor's recently upgraded Jordan's long-term sovereign credit rating in both local and foreign currencies from B+ to BB-, marking the first increase in 21 years despite global and regional disruptions.
The agency attributed the upgrade to Jordan's effective public financial management, which has successfully reduced the primary deficit-to-GDP ratio over the past year.
Jaghbir highlighted that, despite regional difficulties, the national economy has demonstrated resilience, leading to this improved credit rating. He advocated for leveraging this achievement to attract foreign investment, enhancing confidence in the national economy and its policies.
He further stated, "As part of the industrial sector, we are eager to capitalize on this rating to bolster the role of industry," noting that robust industrial exports, which make up over 90 percent of total national exports, are instrumental in reducing the trade balance deficit.
Jaghbir, who also chairs the Amman Chamber of Industry, called on government bodies and the upcoming House of Representatives to collaborate with the private sector. He urged for a cohesive approach between various sectors and policies to strengthen the national economy and positively impact the Kingdom's economic state.
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