Jordan responded “quickly and decisively” to support its economy despite significant challenges posed by the Covid-19 pandemic and the kingdom continues to make progress on its economic and fiscal reform agenda, the International Monetary Fund's managing director said.
The Washington-based lender is committed to helping Jordanian authorities contain the economic and financial impact of the pandemic and build a stronger and more resilient economy, Kristalina Georgieva said in a statement on Monday to mark the kingdom's centenary.
“Timely and targeted fiscal measures have helped protect jobs and the vulnerable, while equitable tax reforms – aimed at tackling evasion, closing loopholes, and broadening the tax base – have helped maintain debt sustainability,” Ms Georgieva said.
“At the same time, a sizable monetary stimulus has supported the recovery, while financial stability and adequate reserve buffers have been preserved.”
Ms Georgieva said she has held a “very constructive discussion” with Jordan’s Finance Minister Mohamad Al Ississ and the kingdom’s central bank governor Ziad Fariz on "the strong reform progress made under the IMF-supported programme".
However, Jordan needs to address high unemployment – especially among the country’s youth and women – reform its electricity sector, boost business competitiveness and strengthen governance to deliver “durable, jobs-rich and inclusive growth”.
Jordan, which relies on foreign aid and grants to finance its fiscal and current account needs, is trying to overhaul its economy and cut state subsidies as public debt and unemployment are on the rise.
The kingdom is also looking to boost oil production and expand its non-oil economy, however, a large number of Syrian refugees and outbreak of Covid-19 have deepened its economic and fiscal woes.
Jordan’s debt-to-gross domestic product ratio widened to 109 per cent last year from 97.4 per cent in 2019, according to World Bank data. Unemployment hit a high of 25 per cent in the fourth quarter of 2020, with youth unemployment rising to 55 per cent, according to the IMF.
The recovery of tourism sector, a key source of foreign exchange, and some of the other contact intensive sectors has also slowed with delays in the kingdom's vaccination programme.
However, fiscal as well as monetary easing and the liquidity provided to the private sector have provided a floor to the economy, Jihad Azour, head of the IMF's Middle East and Central Asia department, told The National, earlier this week.
"What is needed going forward is that the fiscal strategy will remain anchored, an equitable tax reform that helps close loopholes, but also to maintain reforms that are introduced in order to reduce the cost of energy, reduce the cost of labour and allow the economy to become more competitive," Mr Azour said.
The fund is supporting the reform progamme of Jordan and it is on track, but "only by accelerating structural reforms [can] Jordan’s economy recover faster," he added.
Last month, the IMF increased the size of Jordan's existing loan facility by $200 million to help the country deal with “higher-than-expected Covid-related spending”.
The total amount disbursed to the kingdom, including the two-year Extended Fund Facility and money provided under the Covid-19 emergency loan programme, is about $1.95 billion for the 2020-2024 period.
With the IMF-backed programme and progress on reform agenda, Jordan’s economy is expected to grow by 2 per cent this year after contracting 2 per cent in 2020, according to the fund.
Jordan, which is hosting 1.3 million Syrian refugees, will still need “robust, timely and scaled-up donor assistance” to help it protect the lives and livelihoods of its citizens and refugees, Ms Georgieva said.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
KILLING OF QASSEM SULEIMANI
More from Neighbourhood Watch:
Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
Killing of Qassem Suleimani
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
65
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tour de France 2017: Stage 5
Vittel - La Planche de Belles Filles, 160.5km
It is a shorter stage, but one that will lead to a brutal uphill finish. This is the third visit in six editions since it was introduced to the race in 2012. Reigning champion Chris Froome won that race.
The five pillars of Islam
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
Four%20scenarios%20for%20Ukraine%20war
%3Cp%3E1.%20Protracted%20but%20less%20intense%20war%20(60%25%20likelihood)%3C%2Fp%3E%0A%3Cp%3E2.%20Negotiated%20end%20to%20the%20conflict%20(30%25)%3C%2Fp%3E%0A%3Cp%3E3.%20Russia%20seizes%20more%20territory%20(20%25)%3C%2Fp%3E%0A%3Cp%3E4.%20Ukraine%20pushes%20Russia%20back%20(10%25)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3EForecast%20by%20Economist%20Intelligence%20Unit%3C%2Fem%3E%3C%2Fp%3E%0A
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars