Ammon News, Business

Growth in ME to exceed 3pct, says World Bank

[4/17/2018 4:13:11 PM]

AMMONNEWS - The World Bank has said that it expects economic growth in the Middle East edge up to 3.1 percent in 2018, up from 2 percent in 2017, according to the bank's latest Middle East and North Africa Economic Monitor, published yesterday. The increase in growth is expected to be broad-based, driven by a favorable global economic environment, stability in the oil market at slightly higher prices, and the resumption of post-conflict reconstruction, the report stated. "There are grounds for optimism," said World Bank Vice President for the Middle East and North Africa Region, Hafez Ghanem. "Now is the time to focus on creating more jobs and economic opportunities for youth. The positive outlook is an opportunity to speed up reforms for a renewed private sector as an engine of growth and job creation," Ghanem added. On the back of a good performance by Gulf Cooperation Council countries, oil exporters could see growth reach 3 percent in 2018, double the rate in 2017. Growth among oil importers is expected to increase to 4 percent on average from 2018 to 2020, driven by a sharp rebound in Egypt and a rise in remittances, tourism and exports, the report expected. It said: "Almost all countries in the region have embarked on major reforms to reduce or eliminate energy subsidies, identify new sources of non-oil revenues, and expand social safety nets to shield the poor from adverse effects of change." "While stabilization policies have helped economies adjust in recent years, we need much faster growth to absorb the hundreds of millions of young people who will enter the labor market in the coming decades," said World Bank Chief Economist for the Middle East and North Africa Region, Rabah Arezki.

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Meeting of Egyptian-Jordanian committee for land transport concludes

[4/17/2018 11:05:13 AM]

AMMONNEWS - The meeting of the Egyptian-Jordanian joint technical committee for land transport concluded on Tuesday. The Egyptian side was led by Chairman of the General Authority for Roads, Bridges and Land Transport Adel Turk, while Anmar Al Khasawneh, the secretary general of the Jordanian Ministry of Transport led the Jordanian side. Turk welcomed the Jordanian delegation, lauding the relations between both sides and their efforts for overcoming all obstacles facing the movement of passengers and cargo. The problems related to Egyptian and Jordanian carriers during entering the ports and moving on the roads of the two countries were solved, Turk noted. *Egypt Today

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Jordan elected vice president of Joint Arab Labor Organization

[4/16/2018 11:59:08 AM]

AMMONNEWS - Member of the Jordanian Chamber of Industry Muwaffaq Bani Hani, won the position of Vice President of the Joint Arab Labor Organization for its 45th session. Bani Hani, who is also member of the Board of Directors of Irbid Chamber of Industry, said that the organization, which comprises Arab labor ministers and officials, aims to find a joint Arab working system concerning the movement of goods and labor in the Arab world. He added that the organization, which was established upon the decision of the first Arab Labor Ministers Conference held in Baghdad in 1965, is one of the specialized organizations working within the Arab League with the aim of coordinating efforts in the labor field at the Arab and international levels.

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Planning minister to take part in World Bank, IMF meetings in Washington

[4/15/2018 5:53:53 AM]

AMMONNEWS - Minister of Planning and International Cooperation Imad Fakhoury will take part in the 2018 Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB) Group that will be held in Washington during April 16-22. During the visit, Fakhoury, who is Jordan's governor to the WB, will meet with president of the World Bank Group as well as other senior officials. He will also be a keynote speaker in 3 sessions and will hold bilateral meetings with officials from a number of donor countries to prepare for the second Brussels conference on Syria, to be held by the EU on April 24-25, 2018. Fakhoury will also chair the donors' roundtable meeting with the World Bank and major donor countries including the US, EU, Germany, Japan, the United Kingdom, France and Canada to discuss drafting a funding program that builds on the reforms of the Jordan 2025 document and the Economic Growth Stimulus Plan 2018-2022 to obtain soft financing packages from the Bank with the support of donor countries. The minister is also expected to meet with a number of US administration officials to follow up on the implementation of the US aid to Jordan in 2018 that was recently announced, and prepare for the 2019 US assistance to the Kingdom.

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Egypt, Jordan ink agreement to form investment coordination council

[4/11/2018 6:01:31 AM]

AMMONNEWS - Egypt's Minister of Investment and International Cooperation Sahar Nasr on Wednesday signed a cooperation agreement with Jordanian Minister of State for Investment Affairs Muhannad Shehadeh to set up a coordination council for investment cooperation between the two countries. This came during the Joint Annual Meeting of the Arab Financial Institutions that kicked off late Tuesday on the shores of the Dead Sea in Jordan. The agreement aims at establishing an effective regulatory framework that would help boost bilateral investment relations by fostering cooperation, sharing relevant information on investors and stakeholders and developing new initiatives that would help achieve mutual economic objectives. The council will bring together a group of investors and businessmen from both counties to be selected by the Egyptian Ministry of Investment and International Cooperation and the Jordan Investment Commission, according to a statement released by the ministry. The agreement provided for sharing information on investment-related policies and legislation, means of improving investment environment and investment opportunities in both countries, the Egyptian minister added. *Egypt Today

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Government to conclude 2nd review negotiations with IMF

[4/11/2018 5:58:00 AM]

AMMONNEWS - A senior government delegation will head to Washington next week to complete negotiations with representatives of the International Monetary Fund (IMF) on ending the second review of Jordan's economic performance indicators. The delegation, which comprises ministers of finance, planning and international cooperation as well as governor of the Central Bank of Jordan (CBJ), will also discus means to push forward the economic reform program. A statement by the Ministry of Finance, a copy of which received by Petra, Wednesday said the government is currently reviewing the "Income Tax Law" to keep abreast of economic challenges in the Kingdom and to remove distortions in the current law, including income tax exemptions and expansion of tax base in order to make it more equitable. The government is also in the process of developing legal articles that tighten sanctions on tax evasion, a move which comes as a part of the government approach to encounter tax fraud aims to increase treasury revenues to reach a phase of covering the domestic revenues of current expenditures. During the visit, the delegation is also scheduled to conduct meetings with senior officials of the White House, the US Treasury and the State Department to discuss means of boosting further economic cooperation between the two countries.

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British minister pledges continued economic support of Jordan

[4/10/2018 11:10:08 AM]

AMMONNEWS - UK aid will boost the resilience and inclusivity of Jordan’s economy and harness the power of the private sector to create thousands of jobs, International Development Secretary Penny Mordaunt said in Amman today. The support is part of the UK’s long-term partnership with Jordan, which was discussed by the UK Prime Minister and King Abdullah in November, and will support Jordan’s ambitious plans to reform the country, according to a press release. Mordaunt announced that her department will double its current support for economic resilience in Jordan. The partnership will see a new model of aid delivered by the UK in partnership with the government of Jordan, she said, adding that the UK Department for International Development (DFID) will work with other donors to multiply "our investments and deploy UK experts to help deliver economic reforms." Speaking in Amman, the International Development Secretary said: "Jordan is a beacon of hope and security in the Middle East. We are committed to transforming the country’s economy and helping the government deliver on its commitment to create 200,000 jobs and give every child an education," she said. "We stand by the government of Jordan in creating a more resilient and inclusive economy and society so that all Jordanians and refugees get the opportunities they deserve, regardless of gender or disability. By empowering vulnerable people to provide for themselves and their families, we are reducing Jordan’s reliance on traditional forms of aid," said the statement. Looking after the most vulnerable and creating opportunities for all are a vital part of the partnership, which builds on the UK’s existing support for inclusive schools for children with disabilities so that all Jordanian and Syrian refugee children of all abilities can have the opportunities they deserve," it said. Mordaunt visited Om Amaar inclusive school in Amman to highlight the UK’s commitment to helping Jordan provide an inclusive education system and Rehabilitation Service in Zarqa to see how UK aid is helping to transform the lives of Jordanian and refugee children. The minister then launched the UK’s National Action Plan on Women, Peace and Security at the UK Ambassador’s residence in Amman. Meeting with Jordanian youth leaders and activists, she praised Jordan for being one of the first countries to launch its own plan and discussed how to further prevent violence against women and girls in the country. Later in the day, she held a roundtable at the think tank Jordan Strategy Forum with business leaders to discuss how the power of the private sector can help deliver growth and jobs in Jordan.

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