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Ammon News - Capital Intelligence (CI) announced Jordan's long-term foreign currency rating and local currency rating at 'BB-' with a stable outlook.

The ratings reflect the apparent resilience of the Jordanian economy and its ability to withstand external shocks despite the challenging geopolitical landscape.

These developments support the government's prudent macroeconomic policies, including ongoing fiscal consolidation efforts aimed at reducing general government debt over the medium term. In addition, external liquidity continues to improve, supported by increased foreign reserves.

The ratings continue to be supported by low-to-moderate external debt, a flexible funding base, and a healthy banking sector. The ratings also take into account the availability of external financing in the form of bilateral and multilateral loans from the World Bank and the International Monetary Fund (IMF), as well as donor support from the United States.

Economic strength remains moderate, with real GDP growth of 2.2% in the first half of 2024, as the economy continues to benefit from external demand for manufacturing products as well as a recovering agricultural sector.