Fifth Euromoney Conference in Jordan convene with Wide Participation
4/1/2018 12:00:00 PM
The Ministry of Finance, in cooperation with Euromoney Conferences agency, organized its fifth conference in Amman under the patronage of Prime Minister Dr. Hani Al-Mulqi. Some 200 participants from donors, investors, entrepreneurs and policy makers attended the conference, along with a group of government officials.
The conference which was held under the theme of "delivering Growth and Maintaining Stability," focused on the country's macroeconomic outlook for 2018 and beyond, and the country's plans to support overall growth and job creation, as well as global economic and geopolitical events and their impact on Jordan.
His Excellency Omar Malhas, the Finance Minister said during the opening session that security and political events in the region have had a great impact on the Kingdom's economy, especially with the influx of refugees, who have placed great financial burdens in providing humanitarian needs. "The national economy is too small to achieve the goals we aspire to, so we rely on the region and we need to restore trade with Iraq and ensure stability in Syria," H.E. said, referring to the importance of Syrian gateway for Jordan as a gateway to Europe. Regarding the recent actions taken by the government, Minister Malhas said that the previous policy of subsidizing commodities had not achieved its objectives and had created a distortion in expenditure. Therefore, the move from commodity subsidies to individual support had come to support social segments.
H.E. pointed out the structural problems in the Jordanian economy and public finance, most notably the budget deficit, which he described as a time constraint, the increase in the public debt value, the ratio of gross domestic product (GDP), the high unemployment rate and the growth of a less-than-expected economy.
In response to a question, H.E. pointed to the opportunities available in the Jordanian economy, which is the growth of the leading companies, especially in the field of communications and information technology, calling for optimism in this regard. He also stressed that the government has worked and is adopting modern technology in its work so as to improve efficiency in work and provide better services level.
In his turn, the Governor of the Central Bank of Jordan, Dr. Ziad Fariz, stressed that the banking system in the Kingdom enjoys prudent management and as a distinct organizational structure that has maintained its stability and increased its contribution to economic activities. He said, at the opening session, that the central bank is keen to ensure that monetary policy practices are in line with international best practice, noting that the bank is keen to apply banking standards and adhere to Basel standards as best practices.
He added that because of the regulatory environment and adherence to international standards, the ratings of Jordanian banks are very high, especially in terms of credibility and compliance with international laws and standards. "All banks operating in the Kingdom are aware of the importance of compliance and have developed their tools to ensure that the best compliance is achieved. He also stressed the importance of keeping the banking sector healthy for the development of the national economy and the private sector alike.
He also referred to the initiatives taken by the Central Bank of Jordan in cooperation with the government and international and regional organizations to provide private sector facilities, loan guarantees and facilitate the access of small and medium-sized enterprises to sources of finance.
He pointed out in this regard the company established by the commercial and Islamic banks with a capital of 150 million dinars to invest in existing medium size companies and the establishment of the Jordan Leadership Fund in partnership between the Central Bank and the World Bank with a capital of about $ 100 million to take part in the establishment of the emerging company.
He stressed Jordan's interest in enhancing financial coverage by launching a national strategy for financial inclusion, enabling disadvantaged groups to access sources of funding, increasing productivity, especially among youth and women, and spreading financial culture by preparing a special curriculum in cooperation with Ministry of Education and Injaz to develop an electronic payment environment.
Arab Bank's Chief Executive Officer, Nimah Sabbagh, said: "We are proud of our support for the Euromoney Jordan Conference and our role as the official sponsor of this year's event. "This conference comes as a unique and effective platform for think-tanks and leadership that bring together peers and customers from across the region and the world in a series of discussions and dialogues that extend throughout the day which is focused on the performance of the Jordanian economy and the expectations associated to it," he added.
During the opening session, participants discussed the role of the financial sector in activating the growth movement in Jordan, achieving financial and economic coverage, encouraging the Fine Tech and Block chain sectors, and discussing its role in supporting the economic growth plan for the years 2018-2022 .
The meeting was attended by a number of speakers, including EBRD, Regional Chairman of the Eastern Mediterranean Region Haik Harmgar, Mashreq World Bank Expert Christos Costopoulos, Arab Bank Chief Economist Dr. Radwan Shaaban, and Executive Director of Jordan Strategy Forum Hala Zwati .
The meeting focused on the renewable energy sector. The CEO of Firas Plassma, Dr. Firas Belassemeh, and the CEO of Kawar Energy Company Hanna Al-Zaghloul, presented their views on the sustainability process in Jordan to date. Where are the growth opportunities in the renewable energy sector Future.
The conference concluded with a special session focused on entrepreneurship and its role in supporting the growth and value creation in Jordan, with the participation of the Chairman of the Board of Directors of Jordan Fund for Leadership Dr. Mohammed Al Jafari, Emile