Minister of Finance, Muhammad Ississ, stated that public finances will keep pace with the high diplomatic performance of the Jordanian state, and will be an essential support for the political position, dealing with reality, anticipating options, and proposing solutions. It is a factor of stability and a source of strength in the state’s hands in neutralizing political pressures dictated by current circumstances.
Ississ said in the government’s response on Tuesday to the Senate’s discussions of the draft General Budget for 2024 that “This government has endeavored with all its resolve to implement His Majesty King Abdullah II’s directives to the government to alleviate the difficulties and burdens of living of citizens in light of global and regional conflicts and contractionary global economic policies. Since its formation, the government has been committed to addressing challenges and difficulties and turning them into opportunities.”
Following is the text of the government’s response, delivered by the Fi
nance Minister, to the Senate:
“In the name of Allah, the most gracious, the most merciful
Your Excellency the Prime Minister,
Honorable Senators,
May the peace, blessings, and mercy of Allah be upon you,
At the outset of my speech, I extend my thanks and appreciation to His Excellency the Chairman of the Finance and Economy Committee and to all members of the esteemed committee for its report, which includes a focused and objective analysis of the current financial and economic conditions, and includes wise readings and visions of the various issues and topics that are at the forefront of our national concerns.
I thank the constructive and purposeful opinions and ideas contained in the speeches of the esteemed Sentors, stemming from practical experiences and deep knowledge in financial and economic matters, and reflecting concern for the nation’s highest interests and strengthening the resilience of our national economy. Especially in this delicate and decisive stage that we are going through in the hi
story of this nation as a result of the blatant aggression and brutal attacks on Gaza and the West Bank, in which Jordan took its positions and harnessed its utmost energies and capabilities to serve its brothers. Jordan will continue its full support for the Palestinian brothers to restore their rights and establish their independent state on their national soil.
This government has endeavored with all its resolve to implement the directives of His Majesty King Abdullah II to alleviate the difficulties and burdens of living for citizens in light of global and regional conflicts and contractionary global economic policies.
Since its formation, this government has worked to address challenges and difficulties and turn them into opportunities and has been keen to create the incentive to build a better future for all Jordanians who have sacrificed so much for the advancement of the nation.
The government’s top priority was to correct the path and approach followed in dealing with the imbalances and distortion
s facing the national economy, especially at the level of public finance, by developing a national financial reform program based on deep structural reforms that laid the foundations for financial stability and enhanced economic growth. This has made Jordan an example of preserving the purchasing power of its citizens, expanding the social protection network, not compromising the basic components of citizens, and protecting their incomes from the repercussions of populist instinctive policies that, if the government had given in to them, would have eroded their incomes due to price inflation and the absence of financial and monetary stability, and this is something that this government will not allow.
Despite the regional and global geopolitical challenges, this did not deter the government from its reform approach, which has proven its credibility and effectiveness in preserving the stability of our economy and the soundness of its financial and monetary stability.
The approvals of the competent internatio
nal institutions about the government’s success in this field were nothing short of a milestone for Jordan that it truly deserved, amid the severe turmoil that struck some countries and caused them to lose their financial and monetary stability and a decline in their credit rating.
Therefore, the fiscal policy directions in the 2024 budget were an accurate translation of the government’s well-established policy based on six financial goals and constants, which include: not raising taxes or imposing new taxes, fighting tax evasion and avoidance, raising capital spending to unprecedented levels, and enhancing spending on social protection, and preserving the basic capabilities of citizens, increasing the percentage of local revenues covering current expenditures, and reducing the primary deficit and public debt as a percentage of the Gross Domestic Product. It implemented these measures scientifically and systematically.
Source: Jordan News Agency