Moody’s, the credit rating agency, announced the upgrading of Jordan’s long-term sovereign credit rating from “B1-stable” to “B1-positive”. Which gave Jordan’s credit position the flexibility and strength necessary to raise the rating.

The agency indicated the success of the Ministry of Finance in recent years in raising public revenue collections by adopting a set of reforms related to combating tax evasion and tax avoidance and increasing tax compliance, and that the government’s continuation of this approach and the expansion of these reforms will lead to an expansion of economic growth horizons and an increase in the ability to absorb Crises, and the agency also touched on the government’s adoption of the vision of economic modernization, which, through its implementation, aims to raise economic growth rates and create jobs.

Moody’s announcement to raise Jordan’s credit rating coincides with the announcement by the Jordanian government and the International Monetary Fund of the successful completion of the fifth review at the expert level within the “Extended Fund Facility” program on 11/15/2022.

In this regard, the Minister of Finance, Dr. Muhammad Al-Issis, indicated that “raising Jordan’s credit rating is the biggest evidence that Jordan’s ownership of economic reforms and placing them in Jordanian hands leads to the success of the reform process and ensures its sustainability.”

Dr. Al-Ississ also noted that “financial reform based on justice and the application of the law equally, and not by raising the tax burden on the committed citizen, achieves positive and sustainable results that are recognized by international institutions, including the most important credit rating agencies.”

In the same context, the Governor of the Central Bank, Dr. Adel Al-Sharkas, affirmed, “This improvement in assessing the future outlook of the Jordanian economy is a reflection of the success of the Central Bank in maintaining monetary and financial stability in the Kingdom, which is represented by maintaining the fixed exchange rate system that is supported by the availability of a high level of international reserves.” With complete freedom to transfer money and low risks associated with it.

Dr. Sharkas also pointed out, “The fact that inflation remains within moderate levels, despite the inflationary pressures witnessed by most countries of the world, is a strong indicator of macroeconomic stability in the Kingdom. The Circassians also emphasized the “big and important role played by a strong and flexible banking system that enjoys a high level of capital, liquidity and financial assets of high quality, as shown by the financial strength indicators of banks.”