Minister: S&P's stable outlook shows confidence in IMF-backed reforms

14-03-2023 03:15 PM

Ammon News - Minister of Finance Minister Mohamad Al Ississ said on Tuesday that S&P Global's decision to maintain the kingdom's sovereign credit rating at B+/B reflected confidence in accelerating IMF-backed reforms.

"This is the latest confirmation of Jordan's credit rating ... a collective validation across rating agencies in recent months in their confidence in Jordan's monetary and fiscal policy," Al Ississ said told Reuters.

Ratings agency S&P noted in a report released late on Monday that Jordan was moving ahead with reforms aimed at enhancing investment, widening the tax base and targeting corruption, forecasting that fiscal imbalances will moderate in the coming years.

Several ratings agencies have in recent months either upgraded or affirmed the country's credit ratings, including Moody's which last November upgraded the kingdom's rating outlook to positive from stable.

Jordan’s commitment to IMF reforms and investor confidence in the outlook helped it to maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.

The IMF said at the end of last year that progress with structural reforms had cushioned the economy and strengthened macro-economic stability, boosting Jordan's growth in 2022 despite global economic turbulence.

Jordan's central bank governor Adel al Sharkas said the rating outlook reflected the "soundness of Jordan's macroeconomic fundamentals" at a time of global economic crisis.

"In light of the unfavorable environment, the move to categorize Jordan as a stable economy makes it an attractive destination for safe, long-term investments," he added.


  • no comments

All comments are reviewed and posted only if approved.
Ammon News reserves the right to delete any comment at any time, and for any reason, and will not publish any comment containing offense or deviating from the subject at hand, or to include the names of any personalities or to stir up sectarian, sectarian or racial strife, hoping to adhere to a high level of the comments as they express The extent of the progress and culture of Ammon News' visitors, noting that the comments are expressed only by the owners.
name : *
show email
comment : *
Verification code : Refresh
write code :