More Than Half of Jordanians See Economic Situation As Worse

Antiques and souvenirs are displayed by a vendor next to Roman Amphitheatre in the downtown area of Amman, Jordan, August 1, 2017. Reuters/Muhammad Hamed
Antiques and souvenirs are displayed by a vendor next to Roman Amphitheatre in the downtown area of Amman, Jordan, August 1, 2017. Reuters/Muhammad Hamed
TT

More Than Half of Jordanians See Economic Situation As Worse

Antiques and souvenirs are displayed by a vendor next to Roman Amphitheatre in the downtown area of Amman, Jordan, August 1, 2017. Reuters/Muhammad Hamed
Antiques and souvenirs are displayed by a vendor next to Roman Amphitheatre in the downtown area of Amman, Jordan, August 1, 2017. Reuters/Muhammad Hamed

A recent survey showed that 57 percent of Jordanians currently see their economic situation worse than a year ago, while 11 percent said their situation today was better compared to last year and about a third of the population (32%) said their economic conditions have remained the same.

The poll, conducted by the Center for Strategic Studies at the University of Jordan, showed that 59 percent of Jordanians believed the situation in their country was not going in the right direction, while only 41 percent believed the opposite.

According to the survey, which was carried out on the occasion of the first anniversary of Hani al-Mulki's second government, economic problems in general are the most pressing issue for Jordanians, with more than 80 percent of respondents considering them to be their top priorities.

The survey, announced by the Director of the Center, Moussa al-Sheteiwi during a press conference on Wednesday, highlighted the most important problems facing Jordan, which included unemployment (23%), high prices and living cost (21%), the general economic situation (21%) and poverty (16%).

The results showed that the categories of professional unions and the state’s senior men and women had the most positive view on the current situation in the country, while the categories of party leaders and heads of professional and labor unions were the least optimistic.

On the assessment of citizens for government performance, the results showed that around the third of respondents believe that “the government was able to bear the responsibilities of the past phase.”

On the reasons behind the government’s inability to assume the responsibilities of the last period, the poll showed that this was due to four main reasons, including the rise of prices and the general economic situation, the increase in unemployment, the lack of achievements and reforms, and the government’s failure to fight corruption.

Asked on their spending per day on some goods and services compared to what they spent three months ago, 80 percent of the respondents said they now spent more on electricity than they did three months ago, 69 percent said they spend more on university education, and 67 percent spend more on food and drink.

The national sample gathered 1,824 persons aged 18 years and over, equally distributed between men and women and randomly selected from 162 locations covering all the regions of the Kingdom.

The sample of opinion leaders comprised 700 persons from seven categories, 100 persons of each category, with a response rate of 97 percent.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
TT

IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.