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    Gov't presents its action priorities plan to banking sector...1st, final add

    August 26, 2021
    government

    Highlighting the most important challenges facing Jordan's economy, the minister said high unemployment rates, hefty production costs, sluggish economic growth, in addition to the decline in foreign direct investment, and the budget deficit, top the list.

    The government's priorities in the next two years fall under three main pillars, which aim to improve Jordan's investment and business environment, enhance competitiveness and employment, and support priority sectors.

    The government, he noted, seeks by working on these pillars to enable the private sector to create job opportunities and increase local and foreign investment, in addition to increasing exports of goods and services.

    Central Bank of Jordan (CBJ) Governor, Ziad Fariz, who attended the event, said the government's discussions with the ABJ reflect its confidence in Jordan's banking sector and its 'important' role in local development process, stressing that the gov't's commitment to implement its priorities would enhance confidence that Jordan is on the 'right' track.

    Fariz, moreover, noted the importance of focusing under the government's priorities on promoting exports and small industrial projects, and enhancing investment opportunities in integrated industries, and developing investment awareness, especially technology investment.

    ABJ Chairman, Basem Salem, praised the government's continued engagement with the private, banking sectors and keenness to entrench 'true' participatory decision-making.

    Banks, led by the CBJ, have a 'major' role in helping the hardest-hit sectors by the Covid-19 pandemic through their funds provided to address the economic crisis that ravaged all sectors, according to Salem.

    The banking sector, he said, continues to provide the necessary financing to support and advance Jordan's economy and achieve the 'desired' growth rates in line with the government's priorities.

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