Ammon News, Business

Jordanian expatriates increase remittances

[3/22/2017 4:02:01 PM]

AMMONNEWS - Remittances of Jordanian expatriates rose by 3.9 per cent at the end of February, 2017 standing at $560.1 million, compared to $539 million in the same period of 2016, according a statement by the Central Bank of Jordan on Wednesday. The statement said that remittances of Jordanian expatriates rose by 3.5 percent in February, 2017 reaching $263 million, compared to $254.7 million in the same month of 2016.

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Jordan, Iraq seal economic protocols

[3/21/2017 10:29:18 AM]

AMMONNEWS - Jordan and Iraq, Tuesday, inked minutes of the Jordanian-Iraqi joint committee meetings which entails boosting trade exchange and speeding up construction of the oil pipeline between the two countries. The protocols also encompassed encouraging Iraqi investors in Jordan and opening the border post of Turabil, the main crossing point between Jordan and Iraq, and identifying fees exempted Jordanian products that would harm the domestic Iraqi industry and agriculture sectors. Both sides also agreed on facilitating registration procedures and registration status of Jordanian medicine in Iraq, and accelerating the issuance of drug testing and analysis results by the laboratories of the Iraqi Ministry of Health. Further, the Iraqi side requested Jordan's assistance in establishing, developing, managing and marketing of industrial estates, in addition to making up a perception to sett up a Jordanian-Iraq joint industrial zone. Minister of Industry, Trade and Supply, Yarub Qudah, who singed the minutes on behalf of Jordanian side, said in a statement : "Providing facilities, encouraging Iraqi investors in Jordan and expediting the construction of the Jordan-Iraqi oil pipeline topics featured prominently during the discussions". The minister said that Jordan and Iraq are bound by historic and brotherly relations which "we aspire to cementing them" in different domains. Meanwhile, Iraqi Minister of Industry, Mohammed Shia 'Al Sudani, said in an interview with Petra's correspondent in Baghdad, that "We agreed on completing preparation for establishing the industrial zone by the Jordanian side, and forming a committee to follow up on works and proposals to boost cooperation between the two countries."

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"Arab Fund" agrees funding for Irbid, Salt ring roads projects with $96m

[3/20/2017 2:33:18 PM]

AMMONNEWS - Planning and International Cooperation Minister Imad Fakhoury met with the Director General and the Chairman of Arab Fund for Economic and Social Development (AFESD) Abdullatif Youssef Al Hamad, and discussed enhancing cooperation between Jordan and AFESD. At the meeting's opening, Fakhoury expressed appreciation of the Jordanian government for the fund's continuous support to the Kingdom's efforts in facing the economic and social challenges. The Minister announced AFESD's Preliminary approval of funding Irbid's ring road through a concessional loan that worth $49 million, and Salt ring road with a cost of $47, 5 million. The project aims at improving land transport in the governorates and the neighbouring regions, said Fakhoury. The fund has also agreed on funding the purchase of a CT scanner for King Hussein Cancer Centre (KHCC) through a grant worth $981,000 and the project of expanding the storages, offices and courtyards of the Jordan Hashemite Charity Organisation (JHCO) in Ghabawi with cost of $655,000, according to the minister. During the meeting, Fakhoury outlined the current economic and financial situation in Jordan generated by the regional political and security instability and the Syrian crisis's repercussions, which has become a heavy burden that affected the general financial circumstances and the quality of services provided to residents, as well as refugees. He noted that Jordan has reached the maximum limits in shouldering burdens that are generated by regional crises and their humanitarian repercussions represented by hosting large numbers of refugees, stressing that the lack of international community's commitment to supporting the Kingdom would affect sustaining governmental services to refugees and residents. The planning minister highlighted the AFESD's role in aiding Jordan to overcome the financial challenges. For his part, Al Hamad commended the Jordanian government's efforts in dealing with economic issues, especially those related to the refugees and various reform plans, stressing the fund's commitment to stand by the Kingdom in its development efforts to tackle the challenges. The fund has contributed to funding 47 economic and social development projects of priority in Jordan between 1975 and 2016 with a total value that reached $1,914 billion. During the same period, AFESD also provided $35 million in grants, and $80 million in soft loans to fund small-and-medium sized enterprises.

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ASE opens on high note

[3/20/2017 6:28:48 AM]

AMMONNEWS - The Amman Stock Exchange (ASE) on Monday opened trading with a rise to 2230 points compared to its last session closure of 2224 points. According to ASE sources, the general index fluctuated during the first 15 minutes of today's session between 2225 and 2230 points with a trading volume of JD 4.3 million.

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France will provide 300 million euros to support budget, says minister

[3/19/2017 3:57:53 PM]

AMMONNEWS - Jordan is set to sign this year two budget-support agreements worth 300 million euros. The first agreement with France is worth 150 million euros, while the second with a French-German joint financing is valued at 150 million euros, according to Minister of Planning and International Cooperation Imad Fakhoury. In a joint press conference with French Minister of State for Development and Francophonie, Jean-Marie Le Guen, Fakhoury stressed the importance of the 900 million euros Memorandum of Understanding (MoU) for 2016-2018, which was renewed with the French Development Agency (AFD) for the third time in April 2016 during President Francois Hollande's visit to Jordan. He said the MoU reflects France's commitment to continue supporting Jordan in these difficult times. The French minister said his country will honor commitments made in the London Conference to support Jordan and will provide an additional amount of 212 million euros, including 120 million euros for budget support and the rest to support the private sector. He added that his country will stand by Jordan in the upcoming Brussels conference on Syria expected in April, and support the Kingdom's legitimate demands to support its budget. "France will also urge the European Union and other countries to assume their responsibilities in supporting Jordan," he added. Le Guen noted that France is supporting a 32 million euros project to provide about 10,000 houses with clean water, affirming France's commitment to the Red Sea–Dead Sea Project. The two ministers held a meeting earlier, during which they discussed this project and the AFD discussions with possible donors and lenders to support the project. They also discussed a wide range of issues related to supporting the national economy and relations with the European Union.

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Jordan pubic debt reaches JOD26bln in 2016

[3/19/2017 3:55:22 PM]

AMMONNEWS - Jordan's total public debt at the end of 2016 amounted to JOD26.092 billion or 94.8 per cent of projected 2016 GDP of JOD27.520 billion, compared to 93.4 per cent of GDP at the end of 2015. According to data released by the ministry of finance, the National Electricity Company (NEPCO) and Water Authority (WAJ) debt amounted to JOD7.6 billion. The data showed that the net public debt at the end of 2016 amounted to about JOD24.079 billion, or 87.5 per cent of estimated 2016 GDP, compared to approximately JOD22.847 billion, or 85.8 per cent of 2015 GDP. The net balance of domestic public debt (as a general budget and independent institutions' budgets), rose at the end of 2016 to about JOD13.780 billion, or 50.1 per cent of the estimated 2016 gross, compared to JOD13.457 billion, or 50.5 per cent of GDP at the end of 2015. External debt outstanding balance (budget and guaranteed) at the end of 2016 reached about JOD10.299 billion, or 37.4 percent of the estimated 2016 gross, compared to JOD9.390 billion, or 35.5 per cent of GDP at the end of 2015.

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Finance Ministry signs JD13.4 million loan agreement with Arab Monetary Fund

[3/19/2017 3:46:31 PM]

AMMONNEWS - The Finance Ministry on Sunday, signed the 5th compensatory loan agreement between the Jordanian Government and the Arab Monetary Fund (AMF) worth JD13.4 million ($56 million). The ministry said in a statement that this loan was the fifth of its kind, noting that 4 agreements valued at JD27.93 million were signed in the past with the AMF. The agreement was signed on behalf of the government by Finance Minister Omar Malhas and on behalf of the AMF by its Director General Abdulrahman Bin Abdullah Al Hamidy. The loan will be used to support Jordan's financial reform program to address the challenges facing the Jordanian economy.

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