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Jordan’s Public Debt Amounts to $38.69 Bn

Jordan’s Public Debt Amounts to $38.69 Bn
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Jordan’s Public Debt Amounts to $38.69 Bn

Jordan’s Public Debt Amounts to $38.69 Bn

Jordan’s public debt has amounted to JD27.443 billion ($38.69 billion) by the end of January 2018, constituting 95.6 percent of the gross domestic product (GDP) compared to JD27.296 billion ($38.45 billion) in the same period in 2017, the Finance Ministry said on Monday.

The ministry said that the debts of the National Electric Power Company (NEPCO) and the Water Authority of Jordan (WAJ) reached JD 3.7 billion by the end of January this year.

The net public debt stood at JD 25.790 billion at the end of January 2018, which constituted 89.8 percent of the 2017 GDP, the ministry said.

Regarding the outstanding external debt, it increased to JD 11.87 billion, or 4.41 percent of the estimated GDP at the end of January 2018, compared to JD 11.86 billion, or 41.5 percent at the end of 2017.

On the other hand, the external debt service has amounted to about JD 158.7 million in January 2018, distributed as JD 110.4 million in installments and JD 48.3 million as interest.

As for the net balance of internal public debt (public budget and budgets of independent institutions), it rose at the end of January to reach about JD 13.916 billion, or 48.5 percent of GDP, compared to about JD 13.568 billion or 47.4 percent of GDP at the end of 2017, up JD 347.2 million.

In a related matter, the Jordan Jewelers Association (JJA) and the Standards and Metrology Organization (JSMO) of the Jordanian government reached a consensus decision to cancel the sales tax on gold and jewels.

JJA President Osama Imseeh told reporters that it was agreed to cancel the 16 percent tax on the gold coin and keep the stamping fee.

Imseeh added that the meeting, which brought together representatives of the association with the Director of JSMO and the Director General of income and sales tax on Monday, resulted in a consensus on the cancellation of the tax, and the traders ended their strike after the agreement and opened their shops.

Notably, gold traders had decided to carry out a comprehensive strike and closed their shops in protest against the government's decision to impose a 16 percent tax on the gold fee imposed recently.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.