Ammon News - Minister of Finance, Dr. Muhammad Al-Ississ, affirmed that countries will face unfair effects due to the rise in commodity and oil prices.

Al-Ississ said during the launch of the International Monetary Fund’s (IMF) Regional Economic Prospects Report for the Middle East and Central Asia in Dubai on Monday, that the Middle East used to bear global crises, but the frustration of citizens in the Arab world is growing due to their bearing the burden of decisions taken in different parts of the world.

He said that the Fund and the international community must take into consider previous events and crises when designing policies, as crises go beyond the borders of the countries in which they arise to affect other countries.

He stressed the need to provide global solutions to countries that have become weak due to global crises, calling for these solutions to include concessional financing, especially during the continuous rise in interest rates.

The report, titled "Escalating Challenges and Critical Times", talked about the continued deterioration of global conditions, as the economies of the Middle East and Central Asia suffer from a set of simultaneous shocks: the global economic slowdown, high and volatile food and energy prices, tightening financial conditions faster and stronger than expected, and the risks of getting distracted .

Emerging market, middle-income and low-income economies in the region have been hit hard, with a large number of them facing constraints in accessing financing markets, while oil-exporting countries enjoy fiscal buffers due to persistently high energy prices.

In this report, the Fund warns of global economic risks from supply chain shocks, the ongoing Ukrainian war and inflation, as food security is expected to be a growing concern given the shortage of wheat.

Director of the Fund for the Middle East, Jihad Azour, praised Jordan, noting that it was able to maintain its main economic indicators through its good policy during the crises that have passed.