Day: January 16, 2024

The Assistant Undersecretary in Sanaa reviewed the contents of the Productive Families Exhibition, organized by the Department of Community Initiatives and Women’s Development in Shu’ub District, under the slogan ‘Faith Identity.’

The agent listened to an explanation about the products on offer, including handicrafts, popular fashions, accessories, perfumes, and food.

He called on businessmen and financiers to support productive families to compete in the market.

Source: Yemen News Agency

Amman: The Senate’s Finance and Economy Committee, led by Rajai Muasher, engaged in discussions on Tuesday with Adel Sharkas, the Governor of the Central Bank of Jordan (CBJ), concerning monetary policy.

Muasher noted that this meeting is a continuation of previous sessions aimed at gaining insights into monetary policies, the CBJ’s efforts in maintaining monetary stability, and the impact of the war on Gaza on economic sectors, bank reserves, and the overall banking and monetary situation.

Sharkas emphasized that maintaining monetary stability remains the primary goal and utmost priority for the CBJ. He explained that the recent decisions to increase interest rates on monetary policy tools were made to achieve this objective and to contain inflationary pressures.

He highlighted the effectiveness of the bank’s measures, despite the unfavorable global environment and prevailing challenges in the region. The demand for the dinar increased, reflected by the continued decline in the dollarization rate, reachin
g 18 percent at the end of last November, compared to levels exceeding 20 percent pre-COVID-19 pandemic.

Sharkas underlined that foreign reserves are at comfortable and reassuring levels, currently amounting to $18 billion, sufficient to finance 7.8 months of the Kingdom’s imports of goods and services. He pointed out that the inflation rate reached 2.1 percent during the past year, compared to inflation exceeding 4 percent in 2022, which is among the lowest inflation rates recorded in the region and the world.

“Although the Central Bank of Jordan raised interest rates by 5.25 basis points since the end of March 2022, the weighted average interest rates on loans and advances rose by 216 basis points, constituting only 41.1 percent of the total raising operations carried out by the bank. This indicates that the banks did not raise interest rates on loans by the amount that the Central Bank of Jordan did,” he added.

He pointed out that the weighted average interest rates on term deposits increased by 248 bas
is points, constituting 47.2 percent of the total raising operations, indicating that the interest rate margin between loans and term deposits, amounting to 3.06 percent until the end of last November, is the lowest since 26 years old.

He commended the pivotal role of the banking sector in the national economy, highlighting that the facilities provided by banks increased annually by approximately JD997 million, reaching JD33.4 billion at the end of last November. Deposits in banks also saw an increase of JD1.2 billion, reaching JD43.3 billion, indicating a high level of confidence in the banking sector.

He emphasized that the banking sector in the Kingdom is robust, solid, and highly stable, equipped to withstand shocks due to its solidity and substantial levels of capital and liquidity.

He observed that the local economic landscape witnessed numerous achievements and advancements during the year 2023. A noteworthy accomplishment was the progress in the financial and structural reform approach, marked by t
he successful completion of the sixth and seventh reviews of the economic reform program with the International Monetary Fund.

Sharkas regarded this as a recorded achievement for the government, affirming its commitment and seriousness in implementing economic reforms, facilitating the transition to a new economic program with the Fund to seamlessly sustain the economic reform agenda.

He mentioned that Jordan’s stable credit outlook was a key consensus among credit rating institutions in 2023. Furthermore, the removal of Jordan’s name from the list of countries under monitoring for combating money laundering and terrorist financing in 2023 is anticipated to boost the confidence of the international community and investors in the Jordanian economy, underscoring Jordan’s commitment to legislation and international agreements.

He emphasized that many indicators demonstrated positive performance in 2023, with tourism income standing out. The economy recorded a growth of 2.7 percent during the first three quart
ers of 2023, and he expects the economy to maintain growth close to this percentage for the entire year.

He pointed out that the impact of the repercussions of the war on Gaza on the performance of economic activity in 2023 was limited. The extent of its repercussions in 2024, however, depends on the duration and expansion of the crisis.

He stressed that the national economy possesses the experience and tools to address shocks, enabling it to overcome this crisis at the lowest possible costs.

Source: Jordan News Agency

Amman: The inaugural Jordanian-Singapore Information and Communications Technology (ICT) Forum, held recently in Singapore, has been hailed as a significant step towards bolstering investment in the tech sector.

Organized under the Jordan Source program by the Ministry of Digital Economy and Entrepreneurship, the event saw the participation of numerous business leaders and was patronized by His Highness Prince Hussein bin Abdullah II, the Crown Prince of Jordan.

Nidal Bitar, CEO of the Information and Communications Technology Association of Jordan (int@j), expressed optimism about strengthening tech relations with Singapore, following the Crown Prince’s successful visit. Bitar emphasized the deepening cooperation in ICT and the exploration of new opportunities with Singaporean partners.

Bitar highlighted the longstanding and fruitful relations between Jordan and Singapore, particularly in communications and information technology. He noted that int@j had previously hosted Singaporean experts at its confer
ences and forums, pointing to growing opportunities in areas like outsourcing and investment funds.

Mohamed Mohtasib, CEO of the Innovative Startups and SMEs Fund (ISSF), detailed the forum’s activities, which included meetings with government bodies, companies, investment funds, and business incubators in the tech sector, focusing especially on deep technology and entrepreneurship support organizations.

The forum facilitated partnerships between Jordanian and Singaporean entrepreneurship sectors and included discussions with major investment funds in Singapore. Mohtasib highlighted the potential for Singaporean investment in Jordan and job creation through outsourcing to Singaporean companies operating in Jordan.

Zain, through its creativity platform, shared that the forum provided insights into the work of Singaporean companies in innovation and IT, opening doors for potential cooperation and investment in Jordanian startups.

Khaldoun Mahmoud, head of government relations at BIGO Technology for the Midd
le East and North Africa, emphasized BIGO’s commitment to supporting Jordan’s tech ecosystem. He discussed initiatives like the Singapore-Jordan business incubator program and the development of partnerships to boost the tech sector in both countries.

Ahmed Masri, Executive Director of Progressive Generation Studios, remarked on the effectiveness of the participation, highlighting meetings with Singaporean companies interested in investing in Jordan. He noted that Jordan serves as a gateway to the Middle East, offering access to other markets.

Waad Hawamdeh, CEO of Concentrix + Webhelp, specializing in outsourcing services and customer experiences, touched on the positive impact of the forum. He emphasized the opportunities it provided for networking with decision-makers worldwide, attracting investments to the region, and positioning Jordan as a hub for customer experience services and outsourcing.

Youssef Chamoun, co-founder and CEO of ZenHR, shared his experience at the forum, noting the valuable opport
unities for meeting and partnering with emerging Singaporean companies. He expressed his honor in meeting His Highness Prince Hussein bin Abdullah II and sharing his entrepreneurial journey.

The forum, with about 275 representatives from institutions and companies in the ICT sector from both Jordan and Singapore, aimed to enhance technological and digital economic cooperation for mutual benefit, showcasing the commitment of both countries to strengthening their partnership in the tech industry.

Source: Jordan News Agency

Amman: Jordan is set to present its fourth periodic report before the Human Rights Council in Geneva. The official Jordanian delegation, comprising representatives from various key sectors, is scheduled to depart next Tuesday, with the presentation slated for Thursday, 1/25/2024.

The delegation encompasses a broad spectrum of the Jordanian government and civil society, including representatives from the Prime Minister’s office, the Ministry of Foreign Affairs, the Ministry of Justice, the Ministry of Labor, the Chief Justice’s Department, General Intelligence, the Jordanian National Commission for Women’s Affairs, and a civil society representative.

The Ministry of Foreign Affairs and Expatriates spearheaded the preparation of this crucial report. It chairs the Permanent Committee for Human Rights and has incorporated responses to 149 recommendations accepted by Jordan during the 2018 third periodic review.

This comprehensive report, submitted to the United Nations in October 2023, adheres to the guideline
s set by the Secretariat of the Human Rights Council.

The timing of the report is notable, aligning with the approval of Jordan’s political and economic system reform plans, as well as administrative reform and public sector modernization initiatives.

These reforms demonstrate Jordan’s adherence to the comprehensive national plan for human rights (2016-2025), the 2030 Sustainable Development Goals, and recommendations from the 2018 Universal Periodic Review of Human Rights and other international human rights mechanisms.

Under the leadership of His Majesty King Abdullah II, the report reflects a strong political will to enhance human rights in the Kingdom. This commitment is further evidenced by the open and participatory approach adopted in the report’s preparation.

The process involved extensive consultation with a diverse array of stakeholders, including civil society institutions, trade unions, activists, academics, media professionals, and the National Center for Human Rights across all Jordanian gov
ernorates.

Additionally, various human rights stakeholders in Jordan have submitted their independent assessments of the human rights situation in the Kingdom. These submissions, known as ‘stakeholder statements’ and ‘shadow reports,’ provide a comprehensive view of the human rights landscape in Jordan.

The universal periodic review is a key process of the United Nations, where member states are periodically evaluated by the Human Rights Council. Each country is required to report on the measures it has implemented to strengthen and protect human rights at the national level, in alignment with international standards and obligations.

The review covers a wide range of human rights issues, including civil, political, economic, social, and cultural rights, underscoring each country’s commitment to improving its human rights record.

The Jordanian delegation’s upcoming presentation in Geneva is a testament to the Kingdom’s ongoing efforts to uphold and enhance human rights, reflecting its commitment to interna
tional standards and its active engagement in the global human rights discourse.

Source: Jordan News Agency

Ramallah: Israeli occupation forces on Tuesday arrested 26 Palestinians in fresh raids across the West Bank, which triggered clashes with local youth in several locations, the Palestinian Prisoners Club said.

It said in a statement that troops searched and ransacked dozens of homes as they stormed into cities and refugees camps in the latest raids, which have dramatically increased since Israel launched the war on Gaza on October 7, in which more than six thousand people were arrested, according to Palestinian sources.

Those detained were referred to security bodies of the occupation authorities on charges of involvement in armed resistance against soldiers and Jewish settlers, it said.

Source: Jordan News Agency

Irbid: President of Yarmouk University (YU), Dr. Islam Massad, and General Director of Jordanian Charity Medicine Bank (JCMB)?, Dr. Wasfi Nawafleh, on Tuesday signed a memorandum of understanding (MoU), aimed at deepening joint cooperation and serving local community.

Speaking at the sigining ceremony, Massad said MoU importance lies in achieving the Royal vision by activating role of Jordanian and YU youth in the process of construction and development, engaging in volunteer work, providing assistance and health aid to needy groups and spreading a culture of awareness a the society level on optimal and safe medicination administration.

Massad added that this memo represents a “true” opportunity to raise capabilities and skills of YU College of Pharmacy students to to engage in health institutions and enhance their societal responsibility to provide awareness and health assistance.

For his part, Nawafleh stressed that this memo aims to expand JCMB’s activities and programs, adding that, according to this m
emo, free medical days will be implemented in different regions nationwide.

Under the MoU, joint charitable programs, projects and campaigns aimed at achieving Jordanian drug security will be held countrywide.

The memo also seeks to implement joint awareness, educational and professional programs for Jordan’s pharmacy and pharmaceutical sector, especially the university’s pharmacy college students, aimed to raising their capabilities and developing their skills, in accordance with labor market requirements, as well as participating in local and international conferences and scientific seminars held jointly in the pharmaceutical sector.

Source: Jordan News Agency