By Mohammad Ghazal – Jun 12,2018 – JORDAN TIMES
AMMAN — The Gulf states’ pledged aid to Jordan will contribute to easing pressures on the Kingdom in some areas, but the country needs to go ahead with necessary reforms to realise self-reliance, economists said on Monday.
Saudi Arabia, Kuwait and the UAE early Monday committed to extending to Jordan $2.5 billion in support for its economy. The pundits said the bulk of the aid needs to go to development projects so Jordanians would feel the impact.
The Gulf states’ aid package includes a deposit at the Central Bank of Jordan (CBJ), guarantees to be presented to the World Bank in favour of Jordan, budget support for five years and funding of development projects by development funds in the three countries.
The experts said the package is prone to help boost foreign currency reserves, reduce Jordan’s cost of borrowing in case of bond issuance, while development projects would help create jobs and drive economic growth.
“The aid will help reduce pressure on the state budget and, in general, ease financial burdens on the Kingdom,” economist Mazen Irsheid told The Jordan Times on Monday.
The deposit at the CBJ will further strengthen the Jordanian monetary position although foreign currency reserves in Jordan at present are at good levels, he noted.
According to the CBJ, foreign currency reserves reached $11.5 billion at the end of April, down by 5.7 per cent when compared to the end of 2017.
“The aid will make Jordan in a situation where it needs to borrow less… It is good, but reforms in Jordan need to continue until we reach a self-reliance stage… and of course, there is a need to fight corruption and ensure protection of the poor while conducting reforms,” he said.
Economist Zayyan Zawaneh said the deposit at the CBJ is a “good thing but has a limited benefit”. However, he indicated that the Jordanian dinar is not under pressure in light of current foreign currency reserves.
“There is a need to focus on spending on development projects and capital expenditure to trigger economic growth which will help create jobs,” he told The Jordan Times on Monday.
He said the guarantees to the World Bank could help strengthen Jordan’s position in case of any future plans to issue international bonds.
“Jordan will be able to get loans at lower interest rates as it is guaranteed by the Gulf states, but borrowing is not recommended as the current public debt is very high and has reached critical levels,” he said over the phone.
Jordan’s public debt reached JD27.69 billion at the end of April, representing about 95.9 per cent of the gross domestic product.
“Annual debt service is about $1.5 billion. We should not borrow more, but the fact remains that the Gulf’s guarantees will help Jordan secure loans at lower interest rates,” he said.
The economist said focusing on development projects is key to addressing high unemployment through creating new jobs.
Jordan, he agreed, needs to move ahead with reforms.
Economist Wajdi Makhamreh echoed similar remarks.
“The Gulf aid package is an opportunity now for the government to go ahead with well-studied reforms so that Jordan would become self-reliant…. We need to use the aid to build a solid economy and strengthen its resilience,” he said.
“Priority should go to implementing projects…. It would be better if a large portion of the aid is allocated for this purpose; we do not need more borrowing,” he said.
“The aid is a positive turn of events and will help Jordan at this stage, but we need to overcome the challenges ourselves by embarking on reforms that are fair and by rationing public spending, endorsing laws that make Jordan more attractive to investments and combating corruption,” he added.
Jamal Al Shalabi, a professor of political science at the Hashemite University, said the aid package to Jordan shows the Gulf states’ understanding of Jordan’s “serious economic conditions”.
“I believe that there is a message to Jordan that this is the beginning of more support to come,” he said on Monday.
SOURCE:
Categories: Arab World, Jordan, Saudi Arabia, UAE, United Arab Emirates
Reblogged this on Progressive Islam. and commented:
A REMINDER ! ECONOMIC CRICIS IN JORDAN.
Why Most Islamic countries are often economic cricis— unemployment cricis—because of not hard- working people—or lazy people—the result are unproductive people—or unemployement— or poverty—the result of that modern slavery.
Why are most Muslim live in modern slavery?
Allah saud: Prov.12: 24. Hard work will give you power, but like lazy will make you a slave.
1. First because clerics teach wrong teaching from IDOL HADITH as following-
( 1 ) The Messenger of Allah saw that in heaven it most people are poor , while in hell most women . Muslim – Bukhary .
( 2 ) . Prophet prayed to Allah , ” O Allah make me a poor man and I turn off the poverty ” HR.Muslim .
( 3)” People – the poor will enter paradise 500 years earlier than people – the rich ” ( ” Sahih Hadith ” , from Abu Hurai
It seems to us that Imam Muslim Bukhari (Idols) encourage Muslim to be poor instead of wealth or rich.
On other hand Most muslim clerics are afraid to be rich or live in WEALTH.
2. Second, because most Muslim live in poverty, clerics urge Muslim to live in sprituality— less working hard—urge Muslim pray and Ask Allah’s HELP so many times 5 times a day— 17 Rakaat plus others shalat sunnat— taraween for one month —spand or stay hours and hours in Mosque to ask Allah’s HELP— whereas Allah ask People to work harder harder till you sweat
Arab Muslim are known unproductive nations, they are known lazy people— they cannot produce goods and Jobs for young people.
( Rafiq Know very well about Jordan people)
If Muslim countries do not want face economic cricis or protest from his citizen, the wrong teaching of Islam should be REMOVED— instead of urge citizen to work harder and harder until your body SWEAT.
WHY JEWS AND CHRISTIAN LIVE BETTER THAN MUSLIM?
Their political leader and clerics ( Rabbies and Preist ) urge their citizen to work harder and harder until you sweat, do not stop to strive until you achieve your dream— good live- live in wealth— Give good education for children and children.
These guidance from Allah:
1. PEOPLE HAVE TO WORK HARDER FOR THE SAKE OF ALLAH in order people can live in wealth.
God said; “You will have to work hard and sweat to make the soil produce anything, until you go back to the soil from which you were formed. You were made from the soil, and you will become soil again” (Genesis 3.18-19.)
2. Wise(taqwa) People live in wealth and luxury, but stupid people spend money as fast as they get it. Proverb 21;20.
3. Prov.12: 24. Hard work will give you power, but like lazy will make you a slave.
ALLAH IS ANGRY TO THOSE WHO PRACTICE LONG PRAYER.
You fool, Do you want to be shown that faith without works is dead or useless.James 2:20,
So no wonder Jews (Israel ) and Christian( USA) live in propsperity, live in wealth because they follow Allah’ s teaching as above—- conversely no wonder most Muslim countries live in POVERTY, because Clerics And their followers follow the teaching of IDOL. Hadith as above.
My advise
Ahmadiyyah should teach Muslim with Allah’s teaching from Bible instead of the teaching of Idol Hadith. Hopefully Ahmadiyyah clerics can correct the wrong teaching and lead Muslim to work HARDER for the shake of Allah in order Muslim can live in wealth in on earth anf Hereafter too. Amen
All our love ❤️
While the content of Somi’s thinking in this respect has value I personally do not appreciate his approach. What I mean is that, yes, Muslims should be self-sufficient, Muslims should create jobs, Muslims should return to their ‘Golden Age’ when they were leaders in Science Trade and Business, but Somi’s approach is Negative instead of Positive. What I mean is that he hammers AGAINST Hadith etc. but offers little towards a POSTIVE approach, how to achieve what he / we know should be achieved.
A REMINDER! To muslim
Those clerics teach these Hadith below will be cursed by Allah, why? Because they teach the wrong one and make Muslim live in poverty of difficulty on earth— most of them will enter Hell on earth and hereafter.
( 1 ) The Messenger of Allah saw that in heaven it most people are poor , while in hell most women . Muslim – Bukhary .
( 2 ) . Prophet prayed to Allah , ” O Allah make me a poor man and I turn off the poverty ” HR.Muslim .
( 3)” People – the poor will enter paradise 500 years earlier than people – the rich ” ( ” Sahih Hadith ” , from Abu Hura
These hadith have to be removed fron Islamic education
If Muslim want to live in prosperity.
All love ❤️