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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 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.