AMMAN, Jan. 21 (Xinhua) -- Jordan's foreign currency reserves reached a record 21 billion U.S. dollars in 2024, the country's Finance Minister Abdelhakim Shibli said Tuesday.
Addressing the senate during a budget debate, Shibli attributed the achievement to "sound fiscal management and effective monetary policies," the state-run Petra news agency reported.
According to Shibli, Jordan's real gross domestic product (GDP) grew by 2.3 percent in the first three quarters of 2024, and its inflation stood at 1.6 percent, one of the region's lowest.
Meanwhile, national exports rose by about 4 percent, and the trade deficit narrowed by nearly 5 percent in the first 10 months of 2024, Shibli said.
In addition, unemployment declined to 21.4 percent during the first three quarters of 2024, compared to 22.2 percent in the same period in 2023, he said.
As to Jordan's public debt, Shibli said with the government implementing a debt management framework and addressing structural fiscal issues, among other strategic measures, the primary budget deficit will be reduced to 2 percent of GDP and the overall deficit to 5.7 percent by 2025, with public debt down to 90 percent of GDP and further to 80 percent by 2028, Petra reported.
"Jordan's robust economic performance is a testament to the efficacy of the government's policies," Shibli was quoted by Petra as saying.
The government will stay committed to fiscal stability and economic resilience amidst significant regional and international challenges, he said.
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