'Additional taxes ineffective in correcting economic situation'

AMMAN — The repercussions of regional crises that have negatively affected the Jordanian economy cannot be remedied through additional taxes, but by stimulating the economy and creating jobs, Minister of Planning and International Cooperation and Minister of State for Economic Affairs Mohamad Al-Ississ  said on Sunday. 

Al-Ississ, who is also Minister of State for Economic Affairs, made the remarks as a keynote speaker at a dialogue session held during the annual meetings of the World Bank (WB) in Washington, DC according to a ministry statement.

The dialogue went over successful solutions to address poverty and stimulate the economy, with Al-Ississ stressing that the best solution to these problems is creating more jobs for youth, especially since the Kingdom has maintained economic growth rates of 2 per cent despite regional crises. 

The minister called on the WB and the International Monetary Fund to focus on growth and job creation, eschewing the imposition of more taxes as a solution to economic woes, according to the statement.

He also met with the President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti, over priorities in the next phase, specifically by supporting public-private sector partnership projects, which can cause economic growth, create jobs and improve services presented to citizens. 

Chakrabarti expressed the EBRD’s intention to support the government by contributing to the establishment of the recently launched fund to develop public-private sector partnership projects.

The meeting also addressed the bank’s strategy for 2020-2025 in Jordan, which is currently being drafted and aims at increasing the volume of the investment portfolio of the bank in the Kingdom.