Jordan expects economy to grow by 2.2 pct in 2020

Jordan expects its economy to grow by 2.2 percent in 2020 in spite of local and regional challenges.

Jordan’s Minister of Finance Mohammad Ississ said the government presented the 2020 draft state budget law to the Lower House, with an estimated deficit of 1.247 billion dinars (about 1.8 billion U.S. dollars) after foreign grants.

“The current expenditure is expected to reach 8.383 billion dinars in 2020, an increase of 414 million dinars from 2019,” he said in a statement obtained by Xinhua.

Foreign grants are expected to reach 807 million dinars in 2020, the same as 2019, he added.

The minister said that Jordan’s economy has proved resilient and acted as a model for containing crises despite the regional turbulence and global recession.

He noted that Jordan’s public debt has increased and currently accounts for 97 percent of the gross domestic product.

“Jordan started talks with the International Monetary Fund on a new program to stimulate growth and help create jobs, obtain soft loans and grants to reduce the overall public debt and increase the competitiveness of the national economy,” Ississ said.

In 2016, Jordan reached a 36-month financial support deal worth 700 million U.S. dollars with the IMF to embark on reforms to reduce public debt and conduct fiscal reforms.