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Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
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Jordan, Iraq Set Timeline to Establish Joint Border Industrial Zone

Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)
Iraqi flags fly at the Iraqi Trebil border crossing on the Iraq-Jordan border on August 30, 2017. (AP)

Jordanian Minister of Industry, Trade and Supply Tareq al-Hammouri and Iraqi Minister of Industry and Minerals Saleh al-Jabouri have agreed on the required practical steps to establish a joint industrial zone on the border between the two countries.

They set a detailed program of the executive procedures to establish the industrial zone that is aimed at reinforcing economic cooperation in all fields.

They stressed that all conditions are adequate to implement this strategic project that is backed by Iraqi President Barham Salih and Jordan's King Abdullah II.

Both parties underlined the significance of engaging the Jordanian and Iraqi private sectors in the process of establishing an industrial zone in order to provide the success factors of this bilateral project.

Hammouri and Jabouri’s discussions included facilitating procedures related to the entrance of Jordanian commodities to the Iraqi market and exempting them from customs, in accordance with the bilateral free trade agreement, following up on the establishment of a commercial center for Jordanian commodities in Baghdad and rehabilitating the Trebil border crossing.

Hammouri said the discussions will give a strong push for economic cooperation between Amman and Baghdad.

Jordan stands by Iraq to move to the stage of construction and reconstruction, as well as achieving stability, peace and security through qualified investors and experienced companies to enable Iraq to merge internationally, regionally and in the Arab region, he added.

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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
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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.