Latest news with #MuhannadShehadeh
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.
Jordan News
20-04-2025
- Business
- Jordan News
Minister of State for Economic Affairs Comments on IMF Praise for Jordan's Economic Resilience - Jordan News
Minister of State for Economic Affairs Comments on IMF Praise for Jordan's Economic Resilience The Minister of State for Economic Affairs, Muhannad Shehadeh, expressed his gratitude to all those who contributed to the swift and efficient completion of the latest IMF mission review, emphasizing that it reflects the government's ongoing commitment to strengthening national economic stability. اضافة اعلان In a post on his LinkedIn page, Shehadeh said: "I am proud to express my appreciation to everyone who contributed to the successful and efficient completion of the review process. Your dedication and hard work are deeply valued." Commenting on the International Monetary Fund's statement, which noted that Jordan's economy continues to show resilience and maintain macroeconomic stability despite significant external shocks, Shehadeh said this international recognition is a testament to the strength and adaptability of the Jordanian economy: 'This achievement is proof of our economic resilience. Despite repeated external shocks, we have demonstrated our ability to react swiftly, remain flexible, and adapt.' He affirmed the government's commitment—under the leadership of Prime Minister Dr. Jaafar Hassan—to taking the necessary measures to stimulate economic growth in line with His Majesty King Abdullah II's vision for modernization. Completion of Third Review of Extended Fund Facility The IMF team concluded its mission to Jordan, which took place from April 6 to 17, 2025, as part of the third review under the Extended Fund Facility (EFF). The team reached a staff-level agreement with Jordanian authorities, and a report will be presented to the IMF's Executive Board following management approval. IMF Mission Chief Ron van Rooden stated: 'Program performance remains strong despite a challenging external environment. All quantitative performance criteria were met, and there has been tangible progress on structural benchmarks. The program is on track to meet its overarching objectives, including good progress toward meeting benchmark requirements for future reviews.' The statement noted that, despite rising global uncertainty—due to escalating trade tensions and continued regional conflicts—growth in Jordan is picking up. Economic growth is projected to reach 2.7% in 2025, supported by recovering domestic activity, tourism, and increased foreign investment inflows. The current account deficit is expected to be contained at 5.5% of GDP, with rising tourism revenues offsetting higher imports and potential export challenges from global trade barriers. Inflation is projected to remain low, at just over 2%, reflecting the Central Bank of Jordan's strong commitment to maintaining monetary stability. The bank continues to uphold its peg of the Jordanian dinar to the US dollar, backed by robust foreign currency reserves. The statement also highlighted notable progress in public policy discussions aimed at addressing long-term vulnerabilities in the water and electricity sectors, as well as strengthening Jordan's preparedness for health emergencies, including future pandemics. These efforts could be supported through a Resilience and Sustainability Facility (RSF). — (Petra News Agency)
Zawya
09-04-2025
- Business
- Zawya
Jordan: Government committed to EMV goals, public-private partnerships — Minister
AMMAN — Minister of State for Economic Affairs Muhannad Shehadeh on Tuesday stressed that the government's decisions are aimed at enhancing the quality of life for Jordanians and fostering comprehensive economic growth. Deputising for the prime minister at the National Dialogue Conference titled "The Economic Modernisation Vision: Partnership for Jordan's Future," Shehadeh affirmed the government's dedication to turning the goals of the Economic Modernisation Vision (EMV) into tangible results, the Jordan News Agency, Petra, reported. The conference, organised under the Nazaha Project with funding from the European Union and the Spanish Agency for International Development Cooperation, and implemented by the Hayat Rased Centre and Rasheed for Transparency International, provided a platform for civil society and government representatives to engage in dialogue. Shehadeh highlighted the government's efforts to exceed growth targets, noting that its policies prioritise quality of life, economic expansion, and sustainability. He also announced that the government in June is scheduled to start workshops with the private sector and civil society to create a four-year action plan, aligned with the upcoming fiscal year's budget, featuring 'clear timelines and measurable goals.' Acknowledging the private sector's 'vital' role in attracting foreign investment, Shehadeh stressed that economic growth depends on public-private partnerships, underscoring the sector's right to profit, access facilities, and contribute through taxation. He also noted that the prime minister's visits to various governorates are part of a 'strategic' mechanism to assess and evaluate progress, following Royal instructions. Director General of the Hayat Centre Amer Bani Amer highlighted the importance of positive dialogue between civil society and the government for sustainable economic development. He referred to the centre's policy paper on enhancing civil society's role in the EMV as a way to support more effective participation in decision-making and implementation. Spanish Ambassador to Jordan Miguel de Lucas González commended the 'strong' bilateral relations and collaborative initiatives, noting that Spain's development cooperation model prioritises civil society involvement, transparency and accountability. Counsellor at the European Union Delegation to Jordan Adam Janssen reiterated the EU's 'long-standing' partnership with Jordan, describing civil society as the 'cornerstone' of democratic participation and social progress. He said that the Nazaha Project represents a collaborative effort to improve social accountability and bridge the gap between citizens and the state, underscoring the importance of empowering civil society to influence policymaking and legislation. The Hayat Rased Centre also presented a draft policy paper discussing civil society's role in implementing the EMV. The paper, which was based on regional consultations, found that limited awareness among civil society groups has hindered their engagement with the EMV. Participants identified key priorities, including addressing unemployment by promoting investment, simplifying administrative procedures, aligning education with labour market needs, supporting entrepreneurship and SMEs in underserved areas, ensuring tax fairness, and advancing major projects in energy and water sectors. Civil society representatives also highlighted challenges such as 'weak' legislative and administrative stability, 'poor' coordination among stakeholders, rising public debt, inadequate financing, and a 'lack' of transparency, all of which have impeded effective implementation and 'eroded' public trust. The paper recommended institutionalising civil society's participation in decision-making through planning committees, holding regular national and local dialogues, improving legal frameworks to empower civil society, and enhancing transparency through joint oversight bodies and public reporting. It also called for enhancing internal governance in civil society organisations, improving communication with the government, and using advocacy tools such as public awareness campaigns and media engagement to promote shared development objectives. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
08-04-2025
- Business
- Jordan Times
Government committed to EMV goals, public-private partnerships — Minister
Deputising for the prime minister at the National Dialogue Conference, Minister of State for Economic Affairs Muhannad Shehadeh on Tuesday affirms the government's dedication to turning the goals of the Economic Modernisation Vision into tangible results (Petra photo) AMMAN — Minister of State for Economic Affairs Muhannad Shehadeh on Tuesday stressed that the government's decisions are aimed at enhancing the quality of life for Jordanians and fostering comprehensive economic growth. Deputising for the prime minister at the National Dialogue Conference titled "The Economic Modernisation Vision: Partnership for Jordan's Future," Shehadeh affirmed the government's dedication to turning the goals of the Economic Modernisation Vision (EMV) into tangible results, the Jordan News Agency, Petra, reported. The conference, organised under the Nazaha Project with funding from the European Union and the Spanish Agency for International Development Cooperation, and implemented by the Hayat Rased Centre and Rasheed for Transparency International, provided a platform for civil society and government representatives to engage in dialogue. Shehadeh highlighted the government's efforts to exceed growth targets, noting that its policies prioritise quality of life, economic expansion, and sustainability. He also announced that the government in June is scheduled to start workshops with the private sector and civil society to create a four-year action plan, aligned with the upcoming fiscal year's budget, featuring 'clear timelines and measurable goals.' Acknowledging the private sector's 'vital' role in attracting foreign investment, Shehadeh stressed that economic growth depends on public-private partnerships, underscoring the sector's right to profit, access facilities, and contribute through taxation. He also noted that the prime minister's visits to various governorates are part of a 'strategic' mechanism to assess and evaluate progress, following Royal instructions. Director General of the Hayat Centre Amer Bani Amer highlighted the importance of positive dialogue between civil society and the government for sustainable economic development. He referred to the centre's policy paper on enhancing civil society's role in the EMV as a way to support more effective participation in decision-making and implementation. Spanish Ambassador to Jordan Miguel de Lucas González commended the 'strong' bilateral relations and collaborative initiatives, noting that Spain's development cooperation model prioritises civil society involvement, transparency and accountability. Counsellor at the European Union Delegation to Jordan Adam Janssen reiterated the EU's 'long-standing' partnership with Jordan, describing civil society as the 'cornerstone' of democratic participation and social progress. He said that the Nazaha Project represents a collaborative effort to improve social accountability and bridge the gap between citizens and the state, underscoring the importance of empowering civil society to influence policymaking and legislation. The Hayat Rased Centre also presented a draft policy paper discussing civil society's role in implementing the EMV. The paper, which was based on regional consultations, found that limited awareness among civil society groups has hindered their engagement with the EMV. Participants identified key priorities, including addressing unemployment by promoting investment, simplifying administrative procedures, aligning education with labour market needs, supporting entrepreneurship and SMEs in underserved areas, ensuring tax fairness, and advancing major projects in energy and water sectors. Civil society representatives also highlighted challenges such as 'weak' legislative and administrative stability, 'poor' coordination among stakeholders, rising public debt, inadequate financing, and a 'lack' of transparency, all of which have impeded effective implementation and 'eroded' public trust. The paper recommended institutionalising civil society's participation in decision-making through planning committees, holding regular national and local dialogues, improving legal frameworks to empower civil society, and enhancing transparency through joint oversight bodies and public reporting. It also called for enhancing internal governance in civil society organisations, improving communication with the government, and using advocacy tools such as public awareness campaigns and media engagement to promote shared development objectives.
Zawya
17-02-2025
- Business
- Zawya
Jordan, Iraq explore partnerships at investment, renewable energy, finance conference
AMMAN: The Investment, Renewable Energy and Finance Towards a Sustainable Digital Future conference kicked off in Amman on Sunday. Organised by the Iraqi Business Council in partnership with the Jordan Chamber of Industry, the Amman Chamber of Industry, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the event brought together key stakeholders from the region and beyond, the Jordan News Agency, Petra, reported. Participants included the European Bank for Reconstruction and Development, the Association of Iraqi Private Banks, the Arab Businessmen Association, as well as Iraqi business councils, local and international economic institutions, and a delegation of Libyan business leaders. The one-day conference focused on investment opportunities, financing and digital transformation, with a special emphasis on promising sectors such as banking and finance, industry and mining, renewable energy and ICT. Minister of State for Economic Affairs Muhannad Shehadeh, who opened the conference on behalf of the prime minister, stressed that the event is in line with His Majesty King Abdullah's vision to promote economic integration and boost Jordan-Iraq cooperation, especially in the fields of investment, trade and industry. He stressed the importance of strategic investments and partnerships in promoting sustainable economic development, noting that Jordan remains committed to creating a secure and conducive business environment. He said that the conference serves as a platform for dialogue between governments, private sector leaders and international institutions, helping to improve the investment climate and drive long-term economic growth. Shehadeh also highlighted Jordan's key role in regional economic cooperation, pointing to critical sectors such as infrastructure, renewable energy, industry, mining, financial services, telecommunications and transport. He also stressed that Jordanian-Iraqi economic integration is not just an option, but a strategic necessity that offers both nations new avenues for prosperity. The Minister highlighted important joint initiatives, including the Jordan-Iraq electricity interconnection project, which is expected to be launched in the second quarter of this year. He also reiterated Jordan's commitment to supporting Iraq with all available resources to ensure a robust partnership that benefits both countries. Shehadeh also highlighted the potential of large-scale infrastructure projects such as the Special Economic Zone and the Joint Industrial City, stressing the need to move these initiatives from planning to implementation. He also recognised Iraq as one of Jordan's most important trading partners, with bilateral trade having grown significantly in recent years. Chairman of the Iraqi Business Council in Jordan Majid Saadi reiterated the conference's goal of diversifying investment and promoting economic integration between the two countries in the face of regional challenges. Saadi noted that Iraqi investors have established successful companies in Jordan to serve local and Iraqi markets. He called for more joint investment projects and stronger economic partnerships, noting that Jordanian investments in Iraq include the banking, IT and education sectors. He also commended the support of King Abdullah and Iraqi Prime Minister Mohammed Al Sudani in facilitating private-sector engagement. President of the Jordan Chamber of Industry Fathi Jaghbir stressed the need to capitalise on untapped investment opportunities through innovative strategies in line with global economic shifts. He called for reforming investment mechanisms and leveraging digital transformation to increase business efficiency and enhance production capabilities. Iraqi Ambassador to Jordan Omar Barzanji reaffirmed Iraq's commitment to facilitating investment and economic reform, noting that streamlining business regulations is key to driving economic progress in both countries. He highlighted Iraq's 2024-2028 Development Plan, which aims to achieve economic growth of over 4 per cent, increase GDP per capita, diversify revenue streams and attract both domestic and foreign investment. The plan also aims to reduce poverty to 5 per cent, promote local development, develop the transport sector, improve food security and strengthen environmental protection and international partnerships.
