Ammon News - AMMONNEWS - Jordan is one of the top 20 world countries that implemented economic reforms, according to the Doing Business 2020 report, which will be released next month.

General Controller of Companies at the Ministry of Industry and Trade, Ramzi Nuzha said in a press statement on Saturday that the report clearly attributed the improvement to the legislative and procedural reforms Jordan had taken in strengthening access to credit, resolving insolvency and paying taxes.

He said that during the month of May, 2018, the law for secured transaction on movable property and the insolvency law were introduced to effectively contribute to the improvement, which positively reflected on its Doing Business ranking.

The new secured transactions law regulates functional equivalents to loans secured with movable property, such as financial leases and fiduciary transfer of title.

According to the report, Jordan made paying taxes easier by integrating labour taxes and other mandatory contributions into its electronic payment system.

It also adopted a new insolvency law that permits the continuation of the debtor’s essential contracts during insolvency proceedings and allows the debtor to reject overly-burdensome contracts.