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Ammon News - Moody's credit rating agency announced that it raised Jordan's long-term sovereign credit rating in local and foreign currencies from B1 to Ba3, with a stable outlook.

This is the first time that the Jordanian credit rating has risen in 21 years after its stability through the regional and global challenges that have struck since then.

Moody's indicated that raising the rating was a reflection of the success and effectiveness of public financial and macroeconomic management and the measures taken to reduce risks, which contributed to strengthening Jordan’s resilience in the face of external shocks, and this is consistent with a higher level of credit rating.

Commenting on this historic achievement, Minister of Finance Mohammad Issis said on Thursday: "This achievement represents a deserved recognition of the profound structural reforms that the Jordanian government has accomplished to protect the middle class from the repercussions of global and regional shocks, by expanding the domestic revenue base in a fair and gradual manner without raising taxes on citizens."

This achievement is another important international recognition of the wisdom of the profound reform agenda launched by His Majesty King Abdullah II, which strengthened Jordan's resilience and raised growth rates, the Minister added.

He stated that it is noteworthy that the timing of this achievement comes under very difficult regional and global circumstances.

Issis stressed that Jordan succeeded in raising its credit rating at the same time that other countries suffered from having their credit rating reduced, or maintained its stability at best.