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Ammon News - AMMONNEWS - The first economic conference entitled "Jordan's Economy in a Changing World " kicked off in Amman to discuss solutions to budget deficit and indebtedness.

The one-day event, which is organized by the Jordan Society for Scientific Research (JSSR) will also review challenges facing the Jordanian economy, proposed economic policies to overcome the current economic situation as well as a number of economic and investment issues.

Minister of Industry and Trade Hatim Halawani, who deputized for Prime Minister Abdullah Ensour, said in remarks that Jordan has reached a state of stability and economic balance after the deficit registered in previous years as well as the burden shouldered by Jordan as a result of hosting more than 1.3 million.

"Reserves at the Central Bank of Jordan was less that $6 billion at the end of 2012, but these reserves have doubled after the government took a series of measures," the minister added.

Halawani pointed out that the budget deficit was controlled in parallel with the implementation of an economic program with the International Monetary Fund, noting that expenditure was cut while imports were increased.

He said that economy registered a growth of 3 percent in 2013, noting that it is expected to reach 5 percent over the next three years.

President of the JSSR said that the Jordanian economy has suffered from the repercussions of the global economic crunch, the Arab Spring and regional developments, adding that these reflected on the budget deficit but Jordan was able to overcome their impact.

*Petra