MP hails Jordan upholding 'moderate' inflation rate

AMMAN — Jordan has upheld a "moderate" inflation rate, preventing its rise to alarming levels, MP Khair Abu Saileik, member of the Lower House's Economy and Investment Committee, said on Saturday. 

Speaking at a dialogue session hosted by the Al Rakha'a Cooperative Association on the 2024 state dudget, Abu Saileik reviewed the current year's general budget and the challenges posed by the war on Gaza, according to the Jordan News Agency, Petra.

The budget has considered developments in the region and the Gaza Strip, the MP said.

He highlighted that general revenues went up to JD9.57 billion in the 2024 budget, with a 10 per cent increase in tax revenues due to reduced tax evasion rates and the widespread adoption of the national invoicing system. 

Jordan's monetary policy is "prudent", allowing the Kingdom to secure loans at comparatively low interest rates, he said. "While Jordan can obtain approval within days, other nations may take weeks or even month, thanks to Jordan's reputation and solid relationships."