AMMAN — The Economic and Social Council (ESC) recently
launched a three-phase plan to aid economic recovery efforts amidst the ongoing
pandemic.
The plan was submitted to Prime Minister Bisher Al-Khasawneh
almost a month ago.
The plan aims to achieve integration among various sectors
to expedite structural economic recovery, which helps empower the economy and
develop the ability of priority sectors to deal with the pandemic, the Jordan
News Agency, Petra, reported.
Phases of the plan include an immediate stimulus package for
the labor and economic sectors to trigger economic recovery and set the country
on the path to sustainable economic growth.
Each phase entails several programs and initiatives, under
which bundles are designed and launched depending on national priorities. Each
will be implemented over two months and evaluated every month to analyze its
impact and identify the progress made.
The plan emphasizes reducing operational costs for business
owners, enhancing flexibility within the labor market, and investing in human
capital.
Priorities include enhancing exports by, for example,
accessing new markets, securing funds, extending loans for businesses,
stimulating the tourism sector, and encouraging innovation, among others.
To facilitate the implementation of the relevant procedures,
the recovery plan called for forming a national taskforce under the
chairmanship of the prime minister and to include representatives of all
stakeholders. Another option may be activating the National Policy Council and
creating executive action teams for all sectors to oversee, follow up, and
assess the implementation process.
Further recommendations include postponing loan installments
of all bank clients, both individual and corporate, lowering the advance
payment in real estate purchases, reducing the fees of work permits for workers
at affected small and medium-sized enterprises (SMEs) and agricultural
companies by 75 percent and by 50 percent for the other economic sectors.
They also suggested exempting establishments from fines
imposed for delays in issuing these permits.
The plan called for granting a 25 percent discount on fees
for renewing corporate registration til the end of May, 2021.
The procedures also proposed exempting retailers from 50
percent of registration renewal fees, providing they do not have e-commerce
activities.
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