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Wednesday, Mar 29, 2023

Jordan says S&P’s stable outlook shows confidence in IMF-backed reforms

Jordan says S&P’s stable outlook shows confidence in IMF-backed reforms

Jordan’s Finance Minister Mohamad al-Ississ told Reuters on Tuesday that S&P Global’s decision to maintain the kingdom’s sovereign credit rating at B+/B reflected confidence in accelerating IMF-backed reforms.
“This is the latest confirmation of Jordan’s credit rating ... a collective validation across rating agencies in recent months in their confidence in Jordan’s monetary and fiscal policy,” Al Ississ said.

Ratings agency S&P noted in a report released late on Monday that Jordan was moving ahead with reforms aimed at enhancing investment, widening the tax base and targeting corruption, forecasting that fiscal imbalances will moderate in the coming years.

Several ratings agencies have in recent months either upgraded or affirmed the country’s credit ratings, including Moody’s which last November upgraded the kingdom’s rating outlook to positive from stable.

Jordan’s commitment to IMF reforms and investor confidence in the outlook helped it to maintain stable sovereign ratings at a time when other emerging markets were being downgraded, al-Ississ said.

The IMF said at the end of last year that progress with structural reforms had cushioned the economy and strengthened macro-economic stability, boosting Jordan’s growth in 2022 despite global economic turbulence.

Jordan’s central bank governor Adel al-Sharkas said the rating outlook reflected the “soundness of Jordan’s macroeconomic fundamentals” at a time of global economic crisis.

“In light of the unfavorable environment, the move to categorize Jordan as a stable economy makes it an attractive destination for safe, long-term investments,” he added.
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