Senate Committee Reviews Monetary Growth, Social Development Strategy
(MENAFN- Jordan News Agency)
Amman, January 2 (Petra) – The Senate's financial and Economic Committee, chaired by Rajai Muasher, conducted two meetings on Thursday to review the Central bank of Jordan's monetary policy and the Ministry of Social Development's strategy.
During the morning session, Central Bank Governor Adel Sharkas reaffirmed the bank's commitment to monetary stability through its independence. He explained that recent reductions in interest rates on monetary policy tools aimed to balance maintaining stability with fostering economic growth and stimulating economic activity. Sharkas emphasized the resilience and strength of Jordan's banking sector, noting its critical role in the economy and its ability to withstand shocks.
Sharkas highlighted a JD1.6 billion, or 4.9 percent, increase in credit facilities granted by banks, bringing the total to JD35 billion by the end of November 2024. Similarly, deposits grew by JD2.7 billion, or 6.2 percent, reaching JD46.5 billion. He credited the national economy's resilience to sound economic policies, structural reforms, and Jordan's comprehensive reform roadmap.
The national economy recorded a 2.6 percent growth in the third quarter of 2024, with an annual growth projection of 2.4 percent, reflecting a steady recovery amid regional geopolitical challenges, he pointed out.
In the evening session, Minister of Social Development Wafa Bani Mustafa outlined the ministry's "Dignity, Empowerment, Opportunity, and Resilience" strategy, aimed at integrating economic, political, and administrative modernization efforts. She highlighted plans to enhance financial and institutional sustainability, introduce automation, and strengthen partnerships with private and civil society sectors.
Bani Mustafa announced that by the end of 2023, the National Aid Fund had reached 235,000 families, with plans to extend its support to an additional 15,000 families.
She also discussed economic empowerment programs aimed at providing training and rehabilitation opportunities for beneficiaries of the fund, helping them achieve self-reliance and integration into the labor market.
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