Jordan Times
Friday, April 30, 2004
Finance minister sees 5% growth this year rising to sustainable 6% in 2006
AMMAN (Petra) — Finance Minister Mohammad Abu
Hammour expects a five per cent economic growth this year that would even rise
to a sustainable six per cent in 2006.
He emphasised that, in a bid to arrive at a stronger economy, the country will
continue to be committed to economic reform designs even after the International
Monetary Fund (IMF) reform programme is concluded.
Abu Hammour attributed the positive economic indicators to the government's
compliance with the IMF reform programme and its adoption of sound and effective
economic policies while stressing the government's determination and drive to
achieve sustainable development.
Speaking at a seminar organised by the Jordan Europe Business Association (JEBA)
on Wednesday, Abu Hammour said that despite the unfavourable regional
conditions, Jordan succeeded in achieving a 3.2 per cent growth last year.
He highlighted positive economic indicators achieved by the Kingdom in 2003
especially in keeping the inflation rate down and in maintaining large amounts
of foreign currencies, enough to cover the country's imports for ten months.
The government also was able to lower the deficit to the desired level through
reduced expenditures, he indicated.
Realising the pivotal role of the private sector, Jordan has provided all the
appropriate conditions to enable it to take the lead by reducing the government
participation in economic activities, the minister explained.
JEBA's President Bassem Faraj told the seminar that the volume of commercial
exchange between Jordan and the European Union (EU) countries is very much in
favour of the EU.
Jordan's exports to EU markets amounted to around $80 million last year whereas
imports from European markets totalled around $1.4 billion, Faraj indicated.
Faraj urged the Jordanian business sector to exploit the good relations between
the Kingdom and EU countries to further boost the joint commercial exchange
volume and joint investments.
JEBA is a non-profit organisation that works to promote cooperation between
Jordan and the European countries.