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Jordan’s Public Debt Increases to $41 Bln

Visitors tour the Amman Citadel, Jordan, July 21, 2022. (Reuters)
Visitors tour the Amman Citadel, Jordan, July 21, 2022. (Reuters)
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Jordan’s Public Debt Increases to $41 Bln

Visitors tour the Amman Citadel, Jordan, July 21, 2022. (Reuters)
Visitors tour the Amman Citadel, Jordan, July 21, 2022. (Reuters)

Jordan’s public debt rose 1.6 percent to 29.16 billion dinars ($41 billion) in the first half of 2022 from 28.7 billion dinars at the end of 2021.

Its domestic debt reached 13.89 billion dinars at the end of H1, while its foreign debt reached 15.26 billion dinars, according to statistics posted on the Ministry of Finance's website.

Jordan's public debt now stands at 88.4 percent of its GDP.

As part of a deal with the International Monetary Fund, the Ministry of Finance announced early last year that its debts, which amounted to almost 7 billion dinars, would be excluded from the Social Security Investment Fund.

Jordan has warned of the notable drop in international support to refugees in the Middle East and to the relevant UN agencies.

Meanwhile, Foreign Minister Ayman Safadi met with UN High Commissioner for Refugees (UNHCR) Filippo Grandi in Amman, where he stressed the need for mobilizing joint action to provide a decent life for refugees and help host countries shoulder the burden of hosting them.

Safadi praised the solid partnership between Jordan and the UNHCR to present necessary services to about 1.3 million Syrians residing in Jordan.

He also underlined the role of the UNHCR in supporting refugees and keeping their cause alive on the international agenda.

The officials agreed to intensify efforts to rally international support for refugees.

Also on Sunday, Prime Minister Bisher Khasawneh discussed with Grandi the economic challenges facing the kingdom due to the burden refugees pose on Jordan’s infrastructure, education, health, water and job opportunities.

He urged the international community and donor countries to continue to provide necessary support to host communities.

Jordan hosts almost 650,000 Syrians registered with the United Nations, but Amman estimates close to 1.3 million Syrians had arrived since 2011 when the conflict in the neighboring country erupted.

Jordan has said it has spent over 12 billion dollars on hosting them.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.