Despite facing a set of extraordinary external and internal challenges over the past several years, the Jordanian economy remained resilient in 2015. Although GDP growth fell to a six-year low as the kingdom grappled with a rising refugee population and regional volatility, the banking and industrial sectors continued to record a positive...
In 2016 the Central Bank of Jordan (CBJ) issued two rounds of sharia-compliant sovereign bonds for the first time in the country’s history. The first offering, released in May 2016, used a murabaha ( cost-plus financing) structure and was valued at JD75m ($105.5m). The sale successfully attracted JD205m ($288.3m) in bids from investors...
Jordan’s King Abdullah II has publicly thrown his weight behind calls to strengthen the rule of law in the country, but while some view the effort as a necessary catalyst for fuller reform and democratisation, others have taken a more sceptical view. In October 2016 the king released the sixth in a series of discussion papers published since...
Jordan is in the midst of ambitious fiscal and structural reforms that aim to consolidate financial stability and cut public debt after several years of economic slowdown. The past few years have seen GDP growth slide from more than 8% in 2007 to 3.1% in 2014. Although the IMF originally projected GDP growth would reach 3.5% in 2015, it...
How will the country be utilising the financial support coming from the Jordan Investment Fund to maximise benefits for the kingdom?
The kingdom’s latest deal with the IMF has drawn both praise and criticism, and while evidence can be marshalled for both reactions, no honest appraisal can take place without the proper context. The three-year Extended Fund Facility (EFF) is worth some 514m special drawing rights (SDRs), an international reserve asset created by the IMF to...
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