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Fiscal policies take centre stage at ESC discussion session
By Mays Ibrahim Mustafa - Dec 08,2021 - Last updated at Dec 08,2021
AMMAN — The Economic and Social Council (ESC) on Tuesday discussed the role of fiscal policies in the Jordanian economy as part of a series of meetings held by the counsel to discuss the Country Status Report for the year 2021.
The session was attended by a number of experts, including Secretary General of the Ministry of Finance Abdelhakim Shibli, Director General of Income and Sales Tax Department Husam Abu Ali and Chief Executive Officer of the Social Security investment Fund (SSIF) Kholoud Saqqaf.
During the discussion, General Secretary of the ESC Metri Mdanat said: “The Kingdom has witnessed a notable decrease in the rates of economic growth, and a growth in the rates of poverty and unemployment.”
“There has to be a clear role for the private sector and we must accelerate the implementation of partnerships and projects between private and public sectors. It’s also important to provide incentives for promising economic sectors, which contribute to enhancing economic growth and creating jobs,” Mdanat said.
Shibli said that the Ministry of Finance has “achieved a lot” in the current year and the year before.
“The fiscal policy was flexible and supportive in spite of the narrow fiscal space, particularly during the pandemic,” he said, stressing the fiscal policy’s role in stabilising the overall economic environment.
Abu Ali noted that the sales tax law achieves its economic and social purposes.
He said that “the Jordanian legislature stipulates that the government must take into consideration the social aspects through the inclusion of relieved goods and services index, which includes essential and nutritional goods that are consumed by those with limited incomes.”
Saqqaf noted that it is important to develop a realistic and effective economic plan as part of a systematic strategy that can be implemented within a specific time frame.
She also pointed out the importance of motivating the private sector to become more self-reliant, in addition to focusing on infrastructural and technological projects as a viable solution for the issue of unemployment.
Other participants recommended the necessity of implementing the billing system to achieve justice among sectors, reforming the legislation process in the fiscal policy, restructuring the departments of the Ministry of Finance, redressing the increase in running expenses, and controlling expenditure.
They also agreed on the importance of creating a budget with economic goals that aims to motivate the economy and improve the labour market.
In the upcoming weeks, the ESC will hold a series of sessions to discuss the focal points and sectors that are included in the Country Status report for the year 2021, which are macro-economy, economic sectors, infrastructure sectors, human resources, social development, political development and development of the public sector.
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