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Jordan News
21 hours ago
- Politics
- Jordan News
President of the Senate: Jordan is a Pillar of Stability in the Region - Jordan News
President of the Jordanian Senate, Faisal Al-Fayez, affirmed that Jordan, under the leadership of His Majesty King Abdullah II, is a pillar of stability and a safety valve for the region. He noted that both the global community—and the West in particular—recognize Jordan's pivotal role in preserving the security and stability of the region. اضافة اعلان Speaking during a meeting with the President and members of the Amman Group for Future Dialogues at the Senate headquarters on Sunday, Al-Fayez outlined the key pillars of the Jordanian state, foremost of which is the Hashemite Throne, represented by King Abdullah II—who possesses religious, historical, political legitimacy, and legitimacy of achievement. Key Pillars of the Jordanian State Al-Fayez emphasized the importance of strong state institutions, good governance, and diversity built on mutual respect among all citizens regardless of origin. He stated that national identity, second only to the Hashemite Throne, is a guarantor of Jordan's stability. He also highlighted the unwavering loyalty of Jordanians to their leadership and deep-rooted sense of belonging to their homeland. He added that the strength of the Constitution and the rule of law are fundamental constants of the state, along with Jordan's security, safety, and stability—all safeguarded under the wise leadership of His Majesty the King. The King is seen as the spearhead of Jordan's balanced foreign policy, which prioritizes political, economic, and social security. Support for Palestine and National Sovereignty Al-Fayez underscored the role of the Jordan Armed Forces and security apparatus as the protective shield of the nation. He reiterated Jordan's firm and unwavering stance on the Palestinian cause, describing it as a core principle of the country's foreign policy. He stressed the importance of political sovereignty and decision-making independence as key pillars of Jordan's identity. Call for National Interests First Al-Fayez urged that Jordan's national interests must take precedence when addressing domestic and regional challenges. He noted Jordan's historic commitment to Arab causes, especially the Palestinian issue, which remains a top political priority for His Majesty the King. He affirmed Jordan's capacity to defend its interests and principles, and to confront Israel's expansionist and aggressive policies. Jordan, he said, is a solid and resilient state, upheld by its Hashemite leadership, loyal people, armed forces, security institutions, and constitutional entities. Facing Economic Challenges and Media Campaigns While Jordan remains politically and security-wise strong, Al-Fayez acknowledged the need to address economic challenges, most of which are linked to regional instability and ongoing crises. He also emphasized the need for a robust and unified media discourse to counter what he described as "vile and aggressive campaigns" aimed at destabilizing Jordan's social fabric and national positions. Firm Rejection of Forced Displacement Al-Fayez reiterated Jordan's categorical rejection of the forced displacement of Palestinians, calling it an act of war against Jordan that the Kingdom will resist with strength and resolve. He reaffirmed that Jordan will not accept displacement under any circumstances, a position repeatedly emphasized by His Majesty. He called for a unified Arab and Islamic stance in support of Jordan and His Majesty's efforts in defending national constants and the Palestinian cause. Unified National Front From their side, Bilal Al-Tal, President of the Amman Group, and group members stressed the importance of resisting campaigns targeting Jordan's security and stability. They called on political parties to play a greater role in addressing national challenges and emphasized the importance of economic development and a unified national media voice. They renewed their loyalty to the Hashemite Throne and their allegiance to Jordan's soil, underlining the necessity of strengthening the internal front and rallying around Jordan's leadership.
Jordan Times
22-04-2025
- Business
- Jordan Times
Shehadeh underlines ‘solid' Amman-Washington political, economic relations, says gov't seeks to double bilateral trade
Minister of State for Economic Affairs Muhannad Shehadeh speaks at a forum hosted by the Amman Group for Future Dialogues (Petra photo) AMMAN — Minister of State for Economic Affairs Muhannad Shehadeh has affirmed the deep Jordan-US political and economic relationship, emphasising the pivotal role of the bilateral Free Trade Agreement (FTA) in solidifying the partnerships between the two countries. The minister highlighted the FTA's positive impact, generating a $3.1 billion trade surplus for Jordan and facilitating a $5 billion two-way trade flow. Speaking at a forum hosted by the "Amman Group for Future Dialogues," Shehadeh stressed Jordan's strategic intent to deepen this economic partnership with the US across various verticals, with a target of increasing trade exchange to $10 billion, the Jordan News Agency, Petra, reported. 'This ambition aligns with leveraging dynamic shifts in the global trade landscape,' he said, citing the 'constructive' visit Prime Minister Jafar Hassan has recently made to Washington, where he held high-level talks with key stakeholders within the US administration. Shehadeh affirmed the Jordanian economy's sustained resilience and macroeconomic stability, notwithstanding significant headwinds from the external environment. "The Jordanian Dinar remains robust, underpinned by record foreign exchange reserves exceeding $22 billion, providing 11 months of import cover, alongside a substantial strategic gold reserve," he said. He reiterated that the US dollar's valuation is fundamentally driven by global supply and demand dynamics. The minister emphasized the government's 'unwavering commitment to establishing a 'complementary' relationship with the private sector as a catalyst for economic expansion. 'This is can be seen in policy initiatives designed to cultivate a business-friendly investment ecosystem and encourage corporate social responsibility aligned with national development objectives.' He also highlighted the government's belief in the strategic importance of Islamic finance as a key enabler of capital formation and economic development, announcing the launch of t a tradable "Ijara Sukuk" (Islamic lease certificate) to further deepen Islamic capital markets. Shehadeh highlighted the government's citizen-centric economic strategy, prioritising inclusive and sustainable growth beyond short-term profitability metrics. He reiterated the government's primary mandate to achieve growth trajectories that demonstrably reduce poverty and unemployment while enhancing aggregate factor productivity. He also underlined the cross-governmental Economic Modernisation Vision as a core tenet of the government's agenda over the preceding seven months, complemented by 92 targeted economic policy interventions primarily aimed at streamlining processes for citizens and businesses. 'These measures have yielded tangible results, with the economy registering a 2.7 per cent growth rate, exceeding the initial year-end projection of 2.3 per cent.' The minister also underscored the imperative of export-led growth, citing the previous year's expansion in exports, with the services sector contributing approximately 50 per cent. 'This growth was attributed to government incentives, including a 10-year export tax holiday and a reduced 5 per cent income tax rate on export revenues, alongside customs facilitations aimed at bolstering domestic production for international markets.' He said that the government has also focused on injecting liquidity into the financial system through the expedited disbursement of accumulated tax refunds and the resolution of long-standing tax disputes via penalty waivers, a 'strategic economic decision prioritising market dynamism over purely accounting-based considerations, as evidenced by improved growth metrics and enhanced market liquidity.' Shehadeh affirmed the government's commitment to deploying allocated capital expenditure towards high-impact projects with significant output and employment multipliers, citing in this regard the 'prime minister's directive to expedite the implementation of budgeted projects and pursue new strategic investments, with a mid-year budget review slated for July.' Regarding mega infrastructure projects, Shehadeh said the National Water Carrier is progressing according to schedule with approved financial appendices, and the national railway project, advancing steadily with a projected cost of JD2.3 billion. This railway infrastructure is expected to provide a significant logistical advantage to the Jordan Phosphate Mines Company (JPMC) and Arab Potash Company (APC), enabling production scaling through reduced freight costs. Shehadeh reiterated the government's firm commitment to optimising public debt management through the issuance of JD 400 million in competitively priced Islamic bonds to refinance approximately $1 billion in maturing Eurobonds in June and July. This strategy leverages previously underutilized Islamic finance instruments, alongside securing concessional financing at favorable interest rates. He indicated that another $1 billion Eurobond maturity is scheduled for January of the following year, and the government will proactively manage this refinancing operation, aiming to minimize reliance on domestic capital markets and secure lower borrowing costs.
