AMMAN — On the occasion of the launch of
the
International Monetary Fund’s (IMF) Regional Economic Prospects report for
the Middle East and Central Asia in Dubai, Monday, Finance Minister Mohamad
Al-Ississ said that countries around the world will feel the effects of the
rise in commodity and oil prices in an unfair way, according to Al-Ghad News.
اضافة اعلان
Ississ stressed the need for countries to come up
with policies that enable them to face risks by expanding the scope of social
safety nets to respond to growing vulnerabilities, and to focus on fair
taxation rather than continuously increasing sales tax and customs fees, adding
that “in light of the challenges, officials in Arab countries must come up with
policies that suit citizens.”
Ississ said that the
Middle East is used to bearing
global crises, but citizens’ frustration is increasing because they are bearing
the burden of decisions taken in other parts of the world.
Ississ added that the IMF and the international
community must take into account events and crises when designing policies
since crises transcend the borders of the countries in which they originate and
affect others as well.
The report, entitled “Escalating challenges and
critical times” talks about the deteriorating global conditions, and about the
simultaneous shocks suffered by the economies of the Middle East and Central
Asia, such as the global economic recession, and high food and energy prices.
Ississ that that emerging markets and the middle and
low-income economies in the region have been hit hard, and that many of them
are facing constraints in accessing financing markets, while oil-exporting
countries enjoy fiscal stability thanks to the constant increase in energy
prices.
Director of the Middle East and Central Asia Fund
Jihad Azour said that Jordan was able to maintain its main economic indicators
through its good policy during the crises it has gone through.
The IMF warns in the report of global economic risks due to
the supply chain shocks, the ongoing Ukrainian war and inflation, and that food
security is expected to be a growing concern given the shortage of wheat.
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