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Deal to Reschedule Jordanian Debts to KFAED

Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
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Deal to Reschedule Jordanian Debts to KFAED

Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat
Ghanim and Obeidat during the signing ceremony. Asharq Al-Awsat

Jordan’s Ministry of Planning and International Cooperation and the Kuwait Fund for Arab Economic Development (KFAED) have signed an agreement to reschedule Jordanian debts.

The deal comes as part of Kuwait’s continued support to Jordan through KFAED to help it confront the economic challenges that the country faces due to instability in the region.

The rescheduled debts are worth 300.7 million dollars.

The acting secretary-general of the Jordanian Ministry of Planning and International Cooperation, Ziad Obeidat, and KFAED’s operations department director Marwan al-Ghanim signed the deal in Amman on Thursday.

In a statement, Obeidat said the agreement aims to schedule Jordanian debts accumulated as a result of 17 loans.

It would be paid off during a period of 40 years with a 15-year grace period and a one-percent interest. 

Obeidat thanked the KFAED, the Kuwaiti government, and people for their generosity, affirming that Jordan welcomed all gestures of solidarity during periods of economic strife.

On his part, Ghanim lauded relations with Jordan, stressing that Kuwait would help Amman achieve economic stability.

Kuwait had deposited 500 million dollars at Jordan’s Central Bank to meet pledges it made at the Makkah summit in June.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.