- During each Cabinet session, economic decisions of ‘deep impact’ were made
- Government seeks ‘complementary relationship’ with private sector
- Economic Modernisation Vision the roadmap for economic reform, growth
- ‘Quantitative easing’ policy adopted to stimulate public sector
AMMAN — Placing the Economic Modernisation Vision (EMV) at the heart of its policies, while acting as an “economic development government,” Minister of State for Economic Affairs Muhannad Shehadeh said the Cabinet of Prime Minister Jafar Hassan has shifted the trend from “we will do” to “we already did.”
During a recent meeting with journalists, Shehadeh said, “In every single session held over the nearly past 100 days, the Cabinet has made at least three decisions all with deep positive impact on the national economy.”
“All the decisions made and those to be made are value-added and shall have immediate impact on stimulating growth and improving Jordanians’ living conditions,” Shehadeh, who heads the government’s economic team, said.
The minister explained that the government’s strategy is primarily centered around “solving the national economy through achieving sustainable growth and not through addressing phenomena.”
He explained that the EMV, the roadmap for growth, is not based on spending but on empowering and stimulating productive sectors, enabling national industries and implementing mega projects.
He said that the goal is not only empowering but building a complementary relationship with the private sector. “A strong economic government working with a strong private sector.”
He explained that the EMV is based on “eight economic drivers, 360 priorities and 37 sectors” with the general objectives of achieving sustainable economic growth and improving Jordanians’ living conditions.”
In line with this endeavour, he explained that the government has taken a total of 41 economic decisions, including extending exceptions to national industries and other key sectors.
With Jordanians’ spending and consumption decreasing by around 40 per cent due to consecutive increases to interest rates, the minister explained that the government has adopted a “quantitative easing policy “, aiming first at alleviating Jordanians’ economic burdens and increasing revenues.
He explained that there were unsettled customs cases since 1969 at a value of JD300 that many of them have been settled after a Cabinet decision taken in this regard.
On October 21, the Ministry of Finance said that the Cabinet had approved a decision to exempt individuals involved in customs-related cases filed or discovered before December 31, 2019, from up to 90 per cent of the fines imposed on them.
This decision provides a 90 per cent exemption on customs and tax fines, confiscation fees, and administrative costs, in accordance with the Customs Law and the Law on Collection of Public Funds.
“In less than a week after the endorsement of the fine exemption decision, customs cases valuing over JD70 million have been settled,” he said.
Referring to similar Cabinet decision, under which vehicles with expired licensing for over a year have been exempted from fines, the minister said over the past 15 days 72,000 out of the 555,000 unlicensed cars have been licensed.
The Cabinet in a session on November 19 decided to exempt vehicles with expired licensing for over a year from fines, provided that owners pay fees by December 31.
At the time, the government said that the the decision aims to alleviate financial burdens on vehicle owners and facilitate the registration and licensing process for vehicles that have gone years without licensing renewal.
“This policy aims at stimulating the public sector through exemptions.”
Shehadeh said that the government has sought to incorporate the private sector and civil society organisations into its economic plans and the national endeavour to stimulate the economy and upgrade the living conditions of Jordanian. “There is now a full package and the three parties working collaboratively towards achieving this.”
