AMMAN — Central Bank of Jordan (CBJ) Governor Ziad Fariz on Saturday said the upcoming stage requires measures to ration public spending and increase revenues.
During a meeting with bankers and economic leaders, he stressed the importance of fair taxation with appropriate measures that encourage investment and economic activity to address challenges.
He called for reducing public indebtedness, budget deficit and energy losses in order to alleviate pressure on the balance of payments, besides restoring confidence in economic stability and ensuring that the public and private sectors are not competing to access funding.
The CBJ governor underlined the financial, credit and political measures as steps that spared the economy more harms and put it on the right track despite the difficulty of the previous stage.
The official highlighted a 3 per cent economic growth last year indicating that foreign reserves at the CBJ went up to $12 billion and the foreign investment flow to Jordan amplified by around 20 per cent until September.
Fariz said exports’ competitiveness has improved, particularly the untraditional produce, which went up by 7.9 per cent in 2013.
