Fitch Rating Underscores Jordan's Economic Resilience, Says Trade Official - Jordan News
Fitch Rating Underscores Jordan's Economic Resilience, Says Trade Official The recent decision by Fitch Ratings to affirm Jordan's long-term foreign-currency issuer default rating at 'BB-' with a stable outlook signals continued confidence in the Kingdom's economic resilience and reform trajectory, according to Firas Sultan, the financial and banking sector representative at the Jordan Chamber of Commerce. اضافة اعلان Sultan said the rating affirmation reflects Jordan's ability to maintain macroeconomic stability and weather regional challenges through prudent fiscal and monetary policies. He noted that despite ongoing geopolitical tensions, particularly the war in Gaza and its financial repercussions, Jordan has upheld investor confidence and maintained access to both domestic and international financing sources. He emphasized that the rating reflects the country's consistent progress in fiscal and administrative reforms, as well as the government's commitment to structural adjustments that enhance economic productivity and institutional efficiency. These efforts, he said, have helped position Jordan as a stable and credible player in a region facing chronic instability. Sultan stressed that the resilience of the banking sector, characterized by strong liquidity, sound risk management, and full compliance with international regulatory standards, has played a critical role in sustaining financial system stability and reinforcing international trust in Jordan's financial institutions. He added that Fitch's decision underscores the strategic importance of Jordan's international partnerships, particularly with the United States and multilateral donors, which continue to provide essential financial and political support. This backing, Sultan said, enhances the Kingdom's fiscal flexibility and strengthens its external buffers. Sultan also highlighted the importance of monetary policy credibility, noting that the Central Bank of Jordan's approach has safeguarded foreign reserves and maintained a stable exchange rate. He credited the Central Bank with navigating global financial turbulence effectively, thereby shielding the economy from external shocks. "The affirmation of this rating is not just a reflection of where Jordan stands today," Sultan said, "but a recognition of the comprehensive reform agenda the government is implementing to transition toward a more competitive, productive, and open economy." He pointed out that Fitch's outlook is aligned with the objectives of Jordan's Economic Modernization Vision (EMV), which aims to raise growth rates, expand job creation, and empower the private sector as the main engine of sustainable development. Fitch Ratings, founded in 1913 and headquartered in New York and London, is one of the three major global credit rating agencies, alongside Moody's and Standard & Poor's.
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