New taskforce launched to ensure commitment to London Initiative

AMMAN — Senior representatives from international donors and financial institutions have met with the government in Amman to launch the Jordan Taskforce, a global coalition led by the government to support Jordan’s plans for economic transformation and follow up on pledges made at the London Initiative conference in February.

“Six months on from the high-level conference in London, hosted by the UK and Jordan governments, the taskforce provided an opportunity for Jordan to demonstrate the progress of its reforms, and for the international community to report on their support in implementing Jordan’s reform programme,” a statement from the UK government said on Thursday.

During the event, convened by Minister of Planning and International Cooperation and Minister of State for Economic Affairs Mohamad Al-Ississ, the group discussed the challenges and opportunities Jordan faces in trying to ensure growth and jobs, implement reform and deliver financial sustainability for the country, according to the statement.

Al-Ississ provided an update on the economic situation and progress towards the government’s priorities over the next five years.

The minister presented a diagnosis of Jordan’s macroeconomic situation, assessment of key risks and opportunities and the path to accelerating growth and job creation, including an overview of financing needs for next year, the statement said.

Donors responded by setting out their commitments to Jordan and their planned support for the implementation of the key reforms outlined in the Five-Year Reform Matrix.

The Jordan Taskforce was formed at the London Initiative conference in February of this year to provide a robust follow-up mechanism to track and report on progress against Jordan’s reform agenda, and the international community’s support to finance and implement these reforms.

The global coalition of partners is set to meet quarterly to ensure regular monitoring of Jordan’s progress, and lay the groundwork for the first six-month high-level roundtable, which will take place at the World Bank Annual Meetings in October, the statement added. 

The roundtable will agree on priorities based on the analysis of the quarterly meetings to deliver outcomes under the three pillars of the London Initiative; growth and reform, debt sustainability and investment.

“Jordan is committed to a path of accelerating growth momentum and job creation. It has successfully delivered reforms to ensure macroeconomic stability and is now keen to leverage that to attract investments and increase exports in both volume and sophistication,” Al-Ississ was quoted as saying during the launch meeting. 

“The London Initiative marked an inflection point in this path and the Jordan Taskforce is a key forum to ensure the international community is focused on supporting the reform programme that Jordan has developed and committed to,” he added.

UK Minister of State for the Middle East Andrew Murrison said that the London Initiative was an important moment in the UK’s partnership with Jordan and a “great opportunity to showcase the country’s potential and attract investment from around the world”.

“But the conference was just the start. The UK is committed to work with the country in the long term, supporting the government to implement reform and attract investors to help boost its economic growth,” Murrison added.

World Bank Vice President for the Middle East and North Africa Ferid Belhaj noted that while there is much talk of Jordan’s challenges, including unemployment, debt and the continued impact of the situation in Syria, there are also immense opportunities. 

“This is especially true of the country’s dynamic youth population, Jordan’s greatest asset. The economic transformation which Jordan is leading aims at empowering them and giving them the chance to drive Jordan’s future growth,” the World Bank official added.