News Column

Jordan Receives $200 Million US Grant

June 12, 2013

The $200 million additional US grant announced during the visit of President Barack Obama to Jordan in March was transferred to the Treasury this week, according to Finance Minister Umayya Toukan.

The financial aid seeks to reduce the burdens on the Kingdom's finances due to hosting hundreds of thousands of Syrian refugees, the minister said Monday night during a dinner hosted by The American Chamber of Commerce -- Jordan.

At the event, attended by US Ambassador to Jordan Stuart Jones and businesspeople, Toukan talked about Jordan's financial policy and economic reforms.

He said that over the past few years, Jordan has continued to show resilience in the face of regional and international economic challenges, and to implement reforms to remove distortions from the economy.

He explained that the government has made several fiscal reforms that aim at increasing public revenues while reducing the deficit from 7.7 percent of the gross domestic product in 2012 to 5.2 percent this year.

The government, he said, will continue to remove all forms of subsidies, adding that if authorities see a need to provide support in the future, it will be through targeted subsidies to protect low-income groups.

Among other reforms, the finance minister said the government has been working to enhance the business and investment environment in the Kingdom, which he described as attractive due to the qualified labour force in addition to the country's strategic location and its security.

Jones was also among the speakers at the event as he reiterated the U.S.' support to Jordan to share the burdens for hosting large numbers of Syrian refugees.

The event was sponsored by The Housing Bank for Trade and Finance.

Source: (c)2013 the Jordan Times (Amman, Jordan). Distributed by MCT Information Services.

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