Fitch Ratings affirmed on Saturday Jordan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-‘ with a stable outlook. This ranking came after Fitch’s official visit to the Kingdom last April, during which its delegation met with Minister of Finance, Mohammad Issis, and Governor of the Central Bank of Jordan (CBJ), Adel Sharkas. Fitch pointed to Jordan’s success in maintaining macroeconomic stability and progress in fiscal and economic reforms. Maintaining Jordan’s rating is driven by the Kingdom’s efficiency in managing the general government deficit in 2022 at 2.7% (down from the 3.7% forecast made by Fitch in its latest report). Jordan also beat expectations in GDP growth, achieving 2.5% in 2022, at the aftermath of “a series of regional and global shocks over the past decade”. According to Fitch, Jordan’s economy was “cushioned from the impact of the war in Ukraine ” due to its “strategic” fiscal planning. Jordan’s stable IMF program is also cited as a “key” indicator in maintaining Jordan’s rating.

Source: Jordan News Agency