Jordan responded “quickly and decisively” to support its economy despite significant challenges posed by the Covid-19 pandemic and the kingdom continues to make progress on its economic and fiscal reform agenda, the International Monetary Fund's managing director said.
The Washington-based lender is committed to helping Jordanian authorities contain the economic and financial impact of the pandemic and build a stronger and more resilient economy, Kristalina Georgieva said in a statement on Monday to mark the kingdom's centenary.
“Timely and targeted fiscal measures have helped protect jobs and the vulnerable, while equitable tax reforms – aimed at tackling evasion, closing loopholes, and broadening the tax base – have helped maintain debt sustainability,” Ms Georgieva said.
“At the same time, a sizable monetary stimulus has supported the recovery, while financial stability and adequate reserve buffers have been preserved.”
Ms Georgieva said she has held a “very constructive discussion” with Jordan’s Finance Minister Mohamad Al Ississ and the kingdom’s central bank governor Ziad Fariz on "the strong reform progress made under the IMF-supported programme".
However, Jordan needs to address high unemployment – especially among the country’s youth and women – reform its electricity sector, boost business competitiveness and strengthen governance to deliver “durable, jobs-rich and inclusive growth”.
Jordan, which relies on foreign aid and grants to finance its fiscal and current account needs, is trying to overhaul its economy and cut state subsidies as public debt and unemployment are on the rise.
The kingdom is also looking to boost oil production and expand its non-oil economy, however, a large number of Syrian refugees and outbreak of Covid-19 have deepened its economic and fiscal woes.
Jordan’s debt-to-gross domestic product ratio widened to 109 per cent last year from 97.4 per cent in 2019, according to World Bank data. Unemployment hit a high of 25 per cent in the fourth quarter of 2020, with youth unemployment rising to 55 per cent, according to the IMF.
The recovery of tourism sector, a key source of foreign exchange, and some of the other contact intensive sectors has also slowed with delays in the kingdom's vaccination programme.
However, fiscal as well as monetary easing and the liquidity provided to the private sector have provided a floor to the economy, Jihad Azour, head of the IMF's Middle East and Central Asia department, told The National, earlier this week.
"What is needed going forward is that the fiscal strategy will remain anchored, an equitable tax reform that helps close loopholes, but also to maintain reforms that are introduced in order to reduce the cost of energy, reduce the cost of labour and allow the economy to become more competitive," Mr Azour said.
The fund is supporting the reform progamme of Jordan and it is on track, but "only by accelerating structural reforms [can] Jordan’s economy recover faster," he added.
Last month, the IMF increased the size of Jordan's existing loan facility by $200 million to help the country deal with “higher-than-expected Covid-related spending”.
The total amount disbursed to the kingdom, including the two-year Extended Fund Facility and money provided under the Covid-19 emergency loan programme, is about $1.95 billion for the 2020-2024 period.
With the IMF-backed programme and progress on reform agenda, Jordan’s economy is expected to grow by 2 per cent this year after contracting 2 per cent in 2020, according to the fund.
Jordan, which is hosting 1.3 million Syrian refugees, will still need “robust, timely and scaled-up donor assistance” to help it protect the lives and livelihoods of its citizens and refugees, Ms Georgieva said.
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
UAE currency: the story behind the money in your pockets
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
More from Neighbourhood Watch:
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14
UAE currency: the story behind the money in your pockets
MATCH INFO
Asian Champions League, last 16, first leg:
Al Ain 2 Al Duhail 4
Second leg:
Tuesday, Abdullah bin Khalifa Stadium, Doha. Kick off 7.30pm
Killing of Qassem Suleimani
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A