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Ammon News - The Senate's Financial and Economic Committee, headed by Dr. Raji' Muasher, on Wednesday met with Minister of Finance, Dr. Mohammed Issis, to discuss Jordan's financial policy and economic reform program, which was signed with the International Monetary Fund.

Despite the challenges, Issis said the Kingdom achieved financial and monetary resilienece with testimony of stability of Jordan's fiscal rating.

Addressing the meeting, Issis pointed to the increase in capital spending to the "highest" level in the Kingdom's history and the spike in allocations for social protection networks.

Additionally, he stressed the government's commitment to maintain taxes unchanged, noting Jordan's success in reducing the primary deficit and public debt.

This achievement, he noted, was made despite the post-Covid-19 pandemic recovery, primarily Russian-Ukrainian war, then the global economic recession and finally war on Gaza.

The minister said financial policy and reforms in Jordan's tax system and financial management, in their economic dimension, were the main basis for maintaining the Kingdom's financial stability to stimulate growth and increase reliance on Jordan's resources to cover public expenditures.

Issis stressed that Jordan's financial and economic reform program signed with the IMF is a Jordanian "strategic" choice, which was concluded by Jordanian hands, and came as a continuation of the success of the previous program in protecting the Kingdom's middle class from repercussions of regional and global circumstances.

The program came to continue achievements through seven reviews that were "successfully" completed with the IMF on time, which achieved financial and monetary stability through the reforms that were implemented, he pointed out.

Meanwhile, he noted work to enhance growth opportunities came by implementing Economic Modernization vision and strengthening potential to ensure competition to protect citizens from monopoly and enhance companies' capability to access the financial market.

In the past years, he pointed out that the financial policy aimed to gradually reduce deficit and debt ratios.

He added that: "We achieved this progress by implementing financial transparency, indicating that growth of gross domestic product by the end of 2023 reached 2.6% at constant prices.

Giving priority to national projects is part of the Economic Modernization Vision to provide water resources through the National Water Carrier Project, aimed to achieve Jordan's water independence, he said. Petra