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The international financial institutions have evaluated the Jordanian expenditure and have done its economy
09/4/2018 12:00 am [rtl]Defined a future vision for its economy Baghdad / Emad Al-Amara The Jordanian government approved the signing of the first economic reform program with the IMF and the World Bank in early 1989, as the Jordanian government reached these institutions due to the need to borrow and fill the shortage of financial resources, Paris. And the academic d. Said that the first agreement with the International Monetary Fund was covering 1989-1993, but it faltered because of the repercussions of the Gulf crisis in 1990. Al-Jabri said in an interview with the "morning" after the end of this crisis, Jordan rushed to pursue negotiations with the IMF and the World Bank in The second agreement, which covers the 1992/1998 period, was amended for the last three years of 1996/1998. After the expiration of the second agreement, the third agreement covered the period 1999/2004, the fourth phase of the period 2004-2006 and the fifth phase of the period 2007 / 2012. The first phase "In February 1989 the World Bank sent experts to study the economic situation in Jordan and the development of the future vision of the Jordanian economy. Experts presented a report to the Jordanian government about the expected program. A loan of 60 million special drawing rights (SDRs) and $ 125 million of the Fund was provided under 18-month support arrangements as of July 1989. Jordan also received a $ 150 million structural reform loan from the World Bank . The first economic reform program focused on trying to reduce the budget deficit to reduce the need for domestic and external borrowing, as well as work to reduce overall consumption rates both public and private, to increase the savings necessary to finance investment. " Phase II Al-Jabri said" Jordan continued agreement with the International Monetary Fund on the reform process The Fund agreed to provide a loan within the framework of the credit facility for 8 months with an amount of 44.4 million units of the share of Jordan with the Fund then. "This program had similar objectives for the first program 1989-1993, with some expansion added to previous targets," he said. "This expansion included positive growth in GDP at constant prices, increasing annually, from 1 percent in 1991 to 3.4 percent in 1998. , Gradually reducing inflation from 10 percent in 1991 to 4.5 percent in 1998. " Phase III Jabri "was negotiated on the third economic reform with the IMF mission program, and approved the final version in March 1999 , adding : " This agreement objectives often did not differ from the previous program in terms of focusing on the most important structural imbalances in the Jordanian economy , which must be corrected through Reform programs and policies ". The objectives of the program were to achieve a steady increase in economic growth rates and GDP growth of 2 percent at constant prices in 1999, rising from 3 to 4 percent in 2001, due to the increase in the volume of investments and exports and the containment of inflation at rates of between 2 and 3 percent per year. Phase Four This stage announced the start of privatization and liberalization of trade from many of the restrictions and procedures that prevailed then began work to reduce the customs tariff and the transition from consumption tax and income tax to sales tax and the gradual work on the application of the new sales tax by issuing a law of its own and amend it " The Jordanian government has issued many laws and regulations to regulate, develop and encourage trade, industry and domestic and foreign investment. It has also restructured and developed its legislation and management systems . level five Al-Jabri pointed out that "Jordan has headed towards strengthening the export support policy to contain unemployment by focusing on the labor-intensive industries, as well as focusing on the education sector, infrastructure development and legislation that provide the foundations for the sectors that achieve higher value added, Knowledge". "Jordan's economic reform program has succeeded in achieving its short-term objectives by controlling inflation, the budget deficit and the Jordanian dinar exchange rate, but it has not been able to improve the current account situation, which has continued to grow ," he said . Especially after receiving the support and support of the public opinion of the expansion of the property base of the Jamahiriyah without its impact in reducing the current deficit .[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=155318[/rtl] |
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