Ammon News - AMMONNEWS - Prime Minister Omar Razzaz Monday said that the political and economic challenges that the Arab countries face require joint efforts by the public and private sectors to contain them, achieve sustainable growth and jobs.

Razzaz said in opening remarks at the 42nd session of the Council Of Arab Central Banks Governors and the Arab Financial Institutions in Amman that today's meeting comes in difficult political, economic and social circumstances that had an impact on the Arab countries.

The tough conditions, he said, came while the Arab world is reeling under a state of uncertainty, a slump in investments and losses in tourism, which were exacerbated by the waves of refugees that had severe repercussions on host communities, including a slow growth and rising unemployment, particularly among youth.

However, he noted the "remarkable" achievements of the Arab financial institutions, which, he said, had managed to keep pace with the global financial and monetary developments.

Jordan was among these countries that suffered from the ramifications of the current regional circumstances as it took in more than 1.3 million Syrian refugees, a huge number that posed enormous pressure on the Kingdom's infrastructure, especially in the health and education sectors, Razzaz said.

He said the closure of Jordan's border with Iraq in 2014 until late 2017 and with Syria since 2011 until the present day, had severely hit the Kingdom's economy but it was able to weather the storm.

The prime minister also said that Jordan had gone a long way in its bid to improve the economy and put it on a path of recovery as the budget deficit went down from 3.2 per cent of GDP in 2016 to 2.6 per cent in 2017.

He pledged to take whatever measures necessary to guarantee that the deficit is cut to 1.8 of GDP by the end of this year, buoyed by a rebound in tourism and national exports that are back on the path of achieving positive growth rates.