Firas Sultan, the representative of the financial and banking sector in the Jordan Chamber of Commerce, emphasized that the confirmation of the Kingdom's sovereign credit rating by Standard & Poor's (S&P) highlights the resilience, strength, and flexibility of the national economy in overcoming challenges.
اضافة اعلان
Standard & Poor’s recently announced that it has affirmed Jordan's long-term sovereign credit rating, both in local and foreign currency, at BB- with a stable outlook.
The agency’s report indicated that the decision to affirm the rating was based on its expectation that Jordan will be able to manage economic developments in the region and globally. Additionally, Jordan's ability to secure alternative funding sources, such as from the International Monetary Fund, the World Bank, and the European Union, contributed to the decision.
S&P also noted that the peg of the Jordanian dinar to the US dollar has helped stabilize prices and contain inflation rates. The agency expects inflation to remain at acceptable levels in 2025, forecasting a rate of 2.2%. It also highlighted a decline in the current account deficit, which is projected to reach 4.5% of GDP in 2024, the lowest level since 2019.
In a statement on Sunday, Sultan said that the credit rating affirmation underscores that the national economy is heading in a positive direction. He added that the reforms and measures taken by the government since its formation are beginning to translate into reality and reflect positively on growth rates, aligning with the Economic Modernization Vision.
Sultan stated that the credit rating confirmation from Standard & Poor’s enhances international confidence in the national economy and in Jordan's goals to provide an investment-friendly environment conducive to economic growth. He described it as a significant international endorsement of the country's financial, monetary, and structural reforms that are being implemented as part of the broader modernization efforts.
Sultan, who also serves as the Deputy Vice Chairman of the Chamber, noted that the decision to keep the rating unchanged after the agency raised Jordan’s rating in its last update in September 2024 further strengthens Jordan's position as an attractive and secure destination for investments.
He further explained that the affirmation of the country’s credit rating is an important achievement and reflects the strength of the Jordanian dinar, the financial and banking institutions, and the continued implementation of strategic projects in various promising economic sectors, in line with the Economic Modernization Vision and its initiatives.
Sultan also emphasized the importance of the measures taken by the Central Bank, which have contributed to maintaining monetary and financial stability in the Kingdom, supported by record levels of foreign reserves exceeding 21 billion USD.
It is worth noting that Standard & Poor’s is one of the largest companies in the field of independent credit rating evaluation for companies and is known for issuing key stock market indicators, most famously the "S&P 500," which includes shares from the top 500 listed companies in the U.S. stock markets.
