Jordan: JBA, Rwanda ambassador discuss forming joint business council
The council aims to boost economic relations, facilitate 'deeper' business cooperation between the two countries, explore ways to expand cooperation between the private sectors of both countries and develop trade and investment exchanges, especially in priority sectors of mutual interest, according to Jordan News Agency, Petra.
Tabbaa stressed the importance of building 'strategic' partnerships between businessmen in Jordan and Rwanda, calling for the need to organise "reciprocal" economic delegations to highlight promising investment opportunities in the Kingdom, particularly in the sectors of agriculture, tourism and pharmaceuticals.
He also highlighted the significance of enhancing communication channels between the business communities of both countries to facilitate the exchange of expertise and enhancing cooperation.
Ngango welcomed the proposal to establish a Jordan-Rwanda business council, expressing Rwanda's interest in boosting economic cooperation with Jordan.
He highlighted his country's commitment to encouraging investors from both sides to explore the available investment opportunities, reinforcing the intent to expand bilateral economic ties and collaboration between the private sectors of both countries.
The diplomat said that Jordan offers an attractive investment environment and encouraging incentives, while Rwanda provides a stimulating investment climate and various facilities for foreign investors.
He stressed the importance of increasing the volume of trade between the two countries and providing appropriate frameworks to support cooperation.
The trade volume between Jordan and Rwanda reached some $3.4 million in 2023, compared with $2.4 million in 2022, according to Petra.
© Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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The authorities have implemented substantial reforms over the past year in the context of the SMP. The significant fiscal adjustment in 2024 helped initiate stabilization of the public debt dynamics and restoration of external balance. They enacted a new tax law that broadens the tax base, prepared a plan to phase out fuel subsidies, began making payments under a new arrears clearance strategy and reformed the customs administration. The authorities took concrete steps toward restoring the health of the financial sector. In an effort to improve governance and transparency, they also developed an AML/CFT strategy and published contracts in the extractive sector and an audit of spending following the accidental explosions in Bata in 2021. 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They regretted the authorities' decision to step back from the long‑standing commitment to publish asset declarations of public officials, and many Directors urged the authorities to reconsider this option. Directors considered that the publication of an annual report on financial flows in the extractive sector could help demonstrate the authorities' commitment to address their governance deficit. They recommended further governance reforms to address issues highlighted in the 2019 governance diagnostic, including implementing the AML/CFT strategy. A predictable and transparent business environment with reliable and efficient application of laws is needed to create a level playing field that would attract domestic and foreign investment. It is expected that the next Article IV consultation with Equatorial Guinea will be held on the standard 12‑month cycle. Table 1. Equatorial Guinea: Selected Economic and Financial Indicators, 2024–26 Estimates Projections 2024 2025 2026 (Annual percentage change, unless otherwise specified) Production, prices, and money Real GDP 0.9 -1.6 0.5 Hydrocarbon GDP1 0.4 -6.4 -2.6 Non-hydrocarbon GDP 1.3 2.3 2.8 GDP deflator 2.5 3.0 1.0 Consumer prices (annual average) 3.4 2.9 2.9 Consumer prices (end of period) 3.4 2.9 3.5 Monetary and exchange rate Broad money 2.6 2.7 2.9 Nominal effective exchange rate (- = depreciation) … … … External sector Exports, f.o.b. -7.1 1.6 -8.7 Hydrocarbon exports -8.4 1.7 -10.2 Non-hydrocarbon exports 2.6 1.8 1.0 Imports, f.o.b. -8.9 2.2 -1.9 Government finance Revenue -14.3 0.7 -5.0 Expenditure -0.7 4.9 -1.3 (Percent of GDP, unless otherwise specified) Government finance Revenue 17.9 17.8 16.7 Hydrocarbon revenue 14.5 14.3 13.0 Non-hydrocarbon revenue 3.4 3.5 3.7 Expenditure 18.5 19.1 18.6 Overall fiscal balance (Commitment basis) -0.6 -1.3 -1.9 Overall fiscal balance (Cash basis) -1.0 -2.0 -2.6 Non-hydrocarbon primary balance2 -11.7 -12.6 -12.3 Non-hydrocarbon primary balance (as percent of non-hydrocarbon GDP) -17.0 -17.4 -16.4 Change in domestic arrears -0.3 -0.7 -0.7 External sector Current account balance (including official transfers; - = deficit) -3.2 -3.3 -4.5 Imputed Foreign Reserves (net), US$billion 0.4 0.4 0.2 Debt Total public debt 36.4 37.0 38.4 Domestic debt 28.7 28.0 27.9 External debt 7.8 9.0 10.5 External debt service-to-exports ratio (percent) 6.2 5.7 6.2 External debt service/government revenue (percent) 7.9 7.4 7.7 Memorandum items Oil price (U.S. dollars a barrel)3 79.9 67.7 63.3 Nominal GDP (billions of CFA francs) 7,740 7,846 7,959 Nominal GDP (millions of US dollars) 12,769 12,881 13,138 Hydrocarbon GDP (billions of CFA francs) 2,401 2,193 1,971 Non-hydrocarbon GDP (billions of CFA francs) 5,340 5,653 5,987 Government deposits (in percent of GDP) 17.7 17.5 17.2 Oil volume (crude and condensado, millions of barrels) 29.1 26.8 25.1 Gas volume4 (millions of bbls oil equivalent) 51.8 49.2 49.5 Total Hydrocarbon Volume (in millions of barrels of oil equivalent) 81.0 76.0 74.7 Exchange rate (average; CFA francs/U.S. dollar) 606.2 … … Sources: Data provided by the Equatoguinean authorities; and staff estimates and projections. 1 Including oil, LNG, LPG, butane, propane, and methanol. 2 Excluding hydrocarbon revenues, hydrocarbon expenditures, and interest earned and paid. 3 The reference price for crude oil is the Brent. 4 Includes LNG, propane, butane and methanol. 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