‘Made in Jordan’ Campaign Launched to Support National Industry

Jordanian employees work at a ceramics workshop in Amman. (Reuters)
Jordanian employees work at a ceramics workshop in Amman. (Reuters)
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‘Made in Jordan’ Campaign Launched to Support National Industry

Jordanian employees work at a ceramics workshop in Amman. (Reuters)
Jordanian employees work at a ceramics workshop in Amman. (Reuters)

Jordanian Minister of Labor Ali al-Ghazawi stressed on Thursday that the competitiveness of the industrial sector was based on increasing the local added value, introducing technology and relying on local labor, in addition to marketing.

During the launch of the “Made in Jordan” campaign by the Amman Chamber of Industry, Ghazawi underlined the need to maintain the strengthening of vocational training in order to create a qualified and trained Jordanian labor force in various industrial fields.

He also pointed to “the importance of granting special attention to the national industry”, noting that the Jordanian legislation greatly protects the local industry and provides the adequate environment to promote and achieve prosperity.

Ghazawi emphasized the importance of partnership between the public and private sectors, especially within Jordan’s industrial sector, which he said was a “major driver of economic growth and a generator of sustainable employment.”

The minister talked about the “National Program for Empowerment and Employment”, to which the government allocated about 100 million dinars (about $ 140 million), targeting several sectors.

The head of “Made in Jordan” campaign, Moussa al-Saket, said that the new campaign was a culmination of the Chamber’s policy to support and develop the national industry, pointing out that the sector was one of the pillars of national economy and an important factor of its progress.

The industrial sector “contributes to about a quarter of the GDP, in addition to supporting other economic sectors... it also provides the balance of payments with more than $7 billion in exports and investment. The national industry employs about 230,000 workers, who support more than one million citizens. The employees receive more than one billion dinars a year in salaries and compensation.”



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
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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.