Day: February 27, 2024

BEIJING: China’s Ministry of Ecology and Environment announced on Sunday its plan to promote the development of more than 100 “beautiful bay” construction projects across various provinces this year.

Tailored plans for each bay will aim at enhancing marine pollution prevention and control, ecological protection and restoration, as well as the improvement of coastal shore environments. Eventually, it is aimed at building “beautiful bays” characterised by ‘clean water and beaches, bustling marine life, and peaceful coexistence between man and the sea.’

According to Global Times, the most recent monitoring findings indicate that the water quality of 102 bays across the country has shown remarkable improvement compared to the year 2022. This achievement has garnered growing appreciation among the public.

It is anticipated that by 2027, approximately 40 percent of the nation’s 283 bays will undergo transformation into beautiful bays characterised by pristine water and beaches, thriving marine ecosystems, and ha
rmonious coexistence between humanity and the sea.

Source: Emirates News Agency

Although this budget will not be the only solution to all the problems and challenges we are experiencing, as well as including everything we seek to achieve or hope to achieve, it will be the government’s effective tool for implementing its general policy and its main support, most important of which is maintaining financial and monetary stability.

I assure you, as I recently stressed in my speech following the reading of the report of the Finance Committee of the Lower House of Parliament, that Jordan is a story of steadfastness and moderation, thanks to the wisdom of its Hashemite leadership and the people’s rallying around it in the face of regional and global storms since its inception. It has been and will continue forever to be a true example of support for its nation’s just causes, most important of which are the Palestinian cause. This was evident during the brutal aggression against innocent people in Gaza and the ongoing attacks in the West Bank. Jordan has not and will not compromise and its poli
tical, security and financial stability will remain the permanent support of the people in Palestine.

Yes, our ambition for our citizens far exceeds our reality, but we have the right to be proud of what we have accomplished, what we have preserved, and what we refused to be dragged into. We drew our plans with our own hands, not with external hands, and we refused to implement them despite the storms and challenges.

Yes, we are proud of the stability we have achieved.

Yes, we are proud that we have become a model in maintaining financial and monetary stability and thus protecting our middle class.

We have the right not to involve ourselves in the maze of melancholy and refuse to see what has been accomplished while we are in the midst of our second centenary.

I would like to assure your honorable council that all the recommendations outlined in the report of the Finance and Economy Committee, and the observations and recommendations of the esteemed senators, will receive the attention and appreciation o
f the government, and it will do everything in its power to implement what is possible of them. The government will remain in contact with your honorable council, as an embodiment of full partnership, and to achieve the public interest and address all challenges.

The government will address all ministries, departments and government units concerned with the recommendations contained in the report so that a comprehensive and detailed report can be prepared on the measures that will be taken regarding these recommendations, and a copy of this report will be provided to your esteemed council and the Finance and Economy Committee.

Before concluding, I would like to take this opportunity to assure your honorable council that the armed forces and security services receive the appreciation and ongoing support to ensure security and stability, which constitutes the basic foundation of economic and financial stability.

We express our thanks, gratitude and appreciation for the great efforts made by our armed forces
and their medical personnel to assist our brothers in Gaza and the West Bank with medical and relief services and assistance, whether through existing or new military field hospitals or through several airdrops to break the siege on Gaza and deliver urgent relief and treatment assistance to meet the pressing needs of our brothers in Gaza. The government pledges to overcome all reasons to enable the victorious army and the valiant security services to perform their tasks and duties with efficiency and ability.

In conclusion, I would like to reiterate my thanks and appreciation to your esteemed council, asking God Almighty to preserve for us the blessing of security and stability that we enjoy in Jordan of goodness and giving.

Jordan will remain the country of the Hashemites, the beating heart of Arabism, its sun and moon never eclipsed, the twin of Palestine, and the guardian of Jerusalem and the al-Aqsa al-Sharif, [which is] the first qibla of Muslims.

I ask the Almighty Allah to grant us all success in se
rving our beloved homeland under the patron of the process of construction and prosperity, His Majesty our King Abdullah II bin Al Hussein, may God protect and save him.”

Source: Jordan News Agency

SHARJAH: The Sharjah Executive Council (SEC) held its weekly meeting, chaired by H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Executive Council.

The meeting was attended by H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Vice Chairman of the Sharjah Executive Council, at the office of the Ruler of Sharjah.

The meeting discussed a number of topics on its agenda, including the progress of government work in the emirate, the development of various services, and the monitoring of developmental projects in different sectors.

SEC issued Resolution No. 7 of 2024 on the regulation and licensing of marine sports activities in the emirate of Sharjah.

The resolution stipulates that, in accordance with relevant federal and local legislation and in coordination with the competent authorities, the club shall implement all the competencies and powers necessary to achieve its objectives, including the following:

1-Regulating all marine and water sports activities and overseeing them in the Emirate.

2-Granting preliminary approval for the licensing and renewal of facilities, in coordination with the Department of Economic Development, before issuing the licence.

3- Supervising the work of maritime rescue facilities and rescuers in the Emirate and issuing the necessary permits to regulate their work.

4- Issuing temporary permits for training exercises involving marine sports equipment participating in races within the waters of the Emirate.

5- Issuing permits for the designated number of jet skis for facilities.

6-Issuing licences and permits necessary for practicing hobby diving with equipment and free diving in the Emirate.

7- Issuing registration plates for bikes and marine boats in coordination with the relevant authorities.

8- Specifying the tools used for recreational and sports fishing in the waters of the Emirate, in coordination with the relevant authorities.

The resolution also includes regulatory leg
al provisions, including licensing requirements, prohibitions, maritime rescue activities, insurance, designation of marine areas, conditions for the use of maritime vehicles, fee and violations schedules, administrative penalties, and others.

The council also discussed the emirate’s organisation of significant events and occasions that enhance Sharjah’s leading position in organising and hosting quality events, utilising them for tourism promotion, and reinforcing national values and the country’s fundamental principles.

Source: Emirates News Agency

Additionally, there was an increase in allocations for public debt interest by about JD 277 million due to the rise in global interest rates, and an allocation of JD 100 million for emergency expenditures to deal with developments in the situation of geopolitical uncertainty.

The financial and monetary stability that we have achieved is undoubtedly due to the prudence of the financial and monetary policies implemented by the government and the Central Bank. These policies created a favorable environment to stimulate economic activity, strengthened the stability of the national economy, deepened confidence in it and in the prevailing investment environment, and enabled the economic sectors to achieve positive performance from 2017 to 2023.

Reality bears witness to the effects of these prudent policies in maintaining a moderate level of price increases, protecting the purchasing power of citizens’ incomes at a time when citizens’ incomes have deteriorated in other countries, enhancing the momentum of local re
venues, achieving tax justice and tax stability, which contributes to attracting foreign investments and improving credit indicators to cover expenses.

Additionally, maintaining the Jordanian credit rating, enhancing Jordan’s position in global financial markets, and obtaining necessary financing at a lower cost was achieved. This was coupled with recording the highest level of the Kingdom’s foreign currency reserves, reflecting the strength of the Jordanian dinar and its attractiveness as a savings vessel.

Within four years, the government succeeded in raising capital spending and social protection allocations to the highest historical levels, reaching JD 1,729 million and JD 2,349 million, respectively, fulfilling its obligations, raising the ratio of coverage of local revenues to current expenditures to 90 percent, and reducing the primary deficit from 4.4 percent of Gross Domestic Product to about 2.1 percent, and reducing public debt from 88.8 percent of Gross Domestic Product to 88.3 percent, by raisi
ng local revenues from JD 7,325 million to JD 9,579 million in a fair manner by enhancing income tax revenues from JD 1,180 million to JD 1,950 million. It succeeded in fulfilling its commitment not to raise tax rates on citizens or impose new taxes.

The government also succeeded in maintaining its credit rating, successfully ending an entire program with the International Monetary Fund, and developing a new program with Jordanian hands, and thus succeeded in protecting the incomes, savings, and capabilities of the middle class, unlike what happened in other countries. The government did not succeed in this during a time of prosperity. Rather, it succeeded in the time of the Corona pandemic, the Russian-Ukrainian war, and the subsequent stagflation, and despite the criminal aggression against Gaza.

Consequently, the government proved that this fiscal and monetary policy is the correct way to manage the state’s capabilities to protect and strengthen the middle class.

As the government presents to your estee
med council its most prominent observations on what was included in the report of your esteemed Finance and Economy Committee, it confirms that it is fully convinced of the soundness of the approach it has followed since its formation in dealing with economic and financial affairs.

Source: Jordan News Agency

ABU DHABI: Ahmed Ali Al Sayegh, Minister of State, met with TSUJI Kiyoto, State Minister for Foreign Affairs of Japan, on the sidelines of the 13th World Trade Organisation Ministerial Conference, which is taking place in Abu Dhabi.

During the meeting, the two sides discussed economic and trade cooperation, and the continuing progress of close relations between the two countries, as well as ways to strengthen both bilateral and multilateral ties.

Source: Emirates News Agency

There is no doubt that deep structural reforms create the appropriate environment for sustainable economic growth, which is considered the cornerstone of reducing the budget deficit and public debt indicators and addressing unemployment, which requires restoring the momentum of economic growth at high rates that lead to job creation in our private sector. In fact, there will be no sustainable economic growth without financial and monetary stability, and this is an indisputable economic fact.

I must stress that achieving high growth rates and reducing unemployment rates to an acceptable level will not happen automatically. This requires accelerating the pace of growth by reducing the cost of production and creating real structural change to facilitate procedures and transactions and raise the competitiveness of the economy to attract local and foreign investment.

I must emphasize that the challenges mentioned in the esteemed committee’s report would have doubled in severity and their repercussions would have
worsened if this government had not possessed a forward-looking vision in managing the financial and monetary policy with prudence and ability.

This was backed by the consensus of credit rating institutions regarding fixing the credit rating of our national economy with a positive or stable future outlook, so that Jordan is the only country in the oil-importing region that has maintained its credit rating as it was before the Corona pandemic, the Russian-Ukrainian war, and stagflation, and this calls for confidence and great pride and pride in our capabilities and energies.

The rapid developments witnessed in the global and regional economic and political arenas have made the financial and economic reform process more urgent than it was in the past, and it is the main way to confront the challenges of this stage that resulted from factors outside the government’s control.

The preparation of the draft budget for the year 2024 was also accompanied by unprecedented circumstances and serious challenges to our
Arab and Islamic nations and Jordan as a result of the criminal war on Gaza. Despite this, Jordan was able, as usual, to absorb a large part of the shocks and to steadily overcome the repercussions of these crises, and was able to meet all the main objectives of the financial reform program. Structural reforms and prudent financial and monetary policies led to strengthening the resilience of our national economy and its financial and monetary stability and prevented the escalation of the repercussions of the crises on the citizens, the economy, and the standard of living of the middle class. It also boosted confidence in the government’s financial and economic policies, and high credibility in fulfilling commitments, which enabled Jordan to agree to proactively work with the International Monetary Fund on a new financial reform program developed by Jordanian hands refined by experience, thus continuing the reform process and building on the structural reforms achieved and enhancing their sustainability.

This
government has developed fiscal policy directions and undertaken legislative and institutional reforms to address distortions, imbalances, and gaps in tax legislation. The government succeeded in combating tax evasion and addressing tax avoidance and was able to collect treasury rights and enforce the rule of laws approved by your esteemed council, which provided protection for our middle-class citizens from raising tax rates and unfair, easy solutions that have historically led to raising the tax burden on the middle class and limited income.

As for what the esteemed committee indicated that continuing to set budgets that include annual increases on all budget items will have dire consequences regarding indebtedness and servicing the public debt. It must be emphasized that the increase in government spending in absolute terms is considered normal due to population growth and the expansion of basic government services resulting from that.

In this context, it must be made clear that the nature of the economi
c cycle that the global economy is experiencing, and our national economy is affected by, as a result of the economic recession, requires fiscal policies that are countercyclical to stimulate economic activity and improve services provided to citizens. This requires increasing government expenditures without prejudicing the government’s broad financial and economic objectives.

Accordingly, the 2024 budget was prepared to be consistent with the priority of promoting growth to put unemployment on a declining curve, especially among our job-seeking youth, which required presenting a capital budget that is the largest in the history of government budgets to stimulate economic activity and provide the elements for moving the economy.

Because the government’s professional and moral responsibility requires protecting the most vulnerable citizens affected by the repercussions of crises, allocations to the National Aid Fund have been increased, the social protection network has been expanded, and financial allocatio
ns have been provided to ensure the stability of basic commodity prices in the local market.

Investing in the health and education of our citizens is the real strategic investment to improve individual productivity and ensure the achievement of sustainable economic growth rates. Therefore, the government has increased allocations to education and health in this budget.

Regarding the increase in current expenditures, it was driven by entitlements that cannot be overlooked, most notably the natural annual increase in the salaries of military and civilian workers and retirees. This government inherited decades-long accumulations of the dominance of the salary bill for workers in the civil and military public sectors, constituting about 61 percent of the total current expenditures.

Source: Jordan News Agency