Consultations over economic blueprint to start next week

AMMAN – Minister of Planning and International Cooperation Ibrahim Saif on Tuesday said the government has started to prepare a 10-year economic development plan, as directed by His Majesty King Abdullah. 

Saif told reporters at a press conference that the government will start next week holding meetings with private sector representatives, civil society organisations, Parliament and all stakeholders to take their views into account when formulating the blueprint, which he said would be ready before the end of this year. 

On March 29, the King sent a letter to Prime Minister Abdullah Ensour directing the government to prepare a plan that would result in a stronger economy, in both macroeconomic and monetary aspects, and ensure consistency, increased competitiveness, productivity and self-reliance.

The ultimate goal, His Majesty said, is to achieve comprehensive development and ensure Jordanians get a “decent living and hope for a better future”.

This economic blueprint should have a comprehensive framework that targets the following: enhancing financial and monetary policies and assuring their consistency; improving economic competitiveness; enhancing values of high productivity and self-reliance to realise sustainable and comprehensive development, the Monarch said in the letter.

“We are aware of the key challenges facing the economy, but we need to listen to as much as we can to opinions of stakeholders on where Jordan’s economy should stand in 2025,” the minister said, indicating that a special unit at the Prime Ministry will supervise the implementation of the economic stimulation plan, which he said will be abiding to this government and future governments. 

He explained that the plan will focus on reviewing public spending and on boosting strategic sectors, adding it would also focus on reducing the development gap between Amman and  the governorates. 

“Economic indicators on the size of the government sector, women and youth participation in the economy and the gap between Amman and other places show that we need to work on a plan to address challenges and achieve inclusive growth,” Saif said. 

Answering a question by The Jordan Times on whether policy makers would look at the experiences of other countries such as Turkey to benefit from long-term planning, he said that officials have examined the experience of Turkey and other countries in eastern Europe, particularly in the fields of investment laws and private sector development.  

Saif indicated that experts from international agencies are willing to help Jordan improve its economy through offering technical advise in drafting the long-term plan.  

Last week World Bank Group President Jim Yong Kim, who was visiting Amman, said that bank is ready to offer support to the plan.